The Pentagon is looking to buy as much as $1 billion of critical minerals to stockpile, Financial Times reported, citing public filings published in recent months by Pentagon's Defence Logistics Agency (DLA).
The increased purchases come as new export controls of rare earths and other key materials for defence and technology manufacturing were unveiled by China's ministry of commerce last week. China accounts for almost 70% of the world's production of rare earths, according to the US Geological Survey.
Planned purchases include $500 million of cobalt, up to $245 million of antimony and $100 million of tantalum, the paper said. The DLA stockpiles alloys, rare earths, ores and precious metals, and stores them in depots across the country. Its assets were valued at $1.3 billion as of 2023, Financial Times said.
Bloomberg
The increased purchases come as new export controls of rare earths and other key materials for defence and technology manufacturing were unveiled by China's ministry of commerce last week. China accounts for almost 70% of the world's production of rare earths, according to the US Geological Survey.
Planned purchases include $500 million of cobalt, up to $245 million of antimony and $100 million of tantalum, the paper said. The DLA stockpiles alloys, rare earths, ores and precious metals, and stores them in depots across the country. Its assets were valued at $1.3 billion as of 2023, Financial Times said.
Bloomberg
You may also like
Air India Express to launch direct Agartala-Bagdogra flight from October 26
Supreme Court warns IITs, IIMs: Join suicide survey or face adverse order
Ganja smuggling racket busted in Telangana, 499 kgs of ganja worth Rs 2.5 cr seized
Has Trump moved on from Gaza to seal peace in Ukraine? Or will he escalate with Tomahawks?
Chhattisgarh CM: Law must strike fear among criminals
