(US, 13th) The US Pentagon plans to purchase up to $1 billion (about SGD 1.3 billion) worth of critical minerals as reserves.
According to the Financial Times, this news comes from public documents released by the Pentagon’s Defense Logistics Agency (DLA) in recent months.
The report states that the US Defense Logistics Agency plans to purchase rare earths including up to $500 million (about SGD 648.9 million) of cobalt, up to $245 million of antimony, and $100 million of tantalum.
The Defense Logistics Agency stockpiles alloys, rare earths, ores, and precious metals, storing these critical minerals at warehouses across the country. As of 2023, the asset valuation of US critical mineral reserves was $1.3 billion.
On October 9, China’s Ministry of Commerce announced new export control measures on rare earths and other key materials used in defense and technological manufacturing. The next day, US President Trump announced that starting November 1, the US would impose a 100% tariff on Chinese products exported to the US and implement export controls on key American software, in retaliation for what he called China’s “hostile” and strict export controls on rare earths.
According to data from the US Geological Survey, China accounts for nearly 70% of the world’s rare earth production. China’s control over this niche commodity has long been seen as a potential geopolitical weapon.
According to the Financial Times, this news comes from public documents released by the Pentagon’s Defense Logistics Agency (DLA) in recent months.
The report states that the US Defense Logistics Agency plans to purchase rare earths including up to $500 million (about SGD 648.9 million) of cobalt, up to $245 million of antimony, and $100 million of tantalum.
The Defense Logistics Agency stockpiles alloys, rare earths, ores, and precious metals, storing these critical minerals at warehouses across the country. As of 2023, the asset valuation of US critical mineral reserves was $1.3 billion.
On October 9, China’s Ministry of Commerce announced new export control measures on rare earths and other key materials used in defense and technological manufacturing. The next day, US President Trump announced that starting November 1, the US would impose a 100% tariff on Chinese products exported to the US and implement export controls on key American software, in retaliation for what he called China’s “hostile” and strict export controls on rare earths.
According to data from the US Geological Survey, China accounts for nearly 70% of the world’s rare earth production. China’s control over this niche commodity has long been seen as a potential geopolitical weapon.