Pentagon Looking to Buy $1 Billion in Critical Minerals, FT Says [View all]
Source: msn/Bloomberg
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(Bloomberg) -- The Pentagon is looking to buy as much as $1 billion of critical minerals to stockpile, the Financial Times reported, citing public filings published in recent months by the Pentagon’s Defense Logistics Agency.
The increased purchases come as new export controls of rare earths and other key materials for defense and technology manufacturing were unveiled by China’s Ministry of Commerce last week.
Reacting to the announcement, President Donal Trump said on Friday he would hit China with an additional 100% tariff from Nov. 1. He also announced plans for export controls on critical software.
China accounts for almost 70% of the world’s production of rare earths, according to the US Geological Survey. China’s grip on these niche commodities has long been viewed as a potential geopolitical weapon. Planned purchases by the DLA include as much as $500 million of cobalt, up to $245 million of antimony and as much as $100 million of tantalum, the paper said.
Read more: https://www.msn.com/en-us/money/markets/pentagon-looking-to-buy-1-billion-in-critical-minerals-ft-says/ar-AA1Okf2a
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