RT International By RT International
The US Department of Defense is scrambling to stock up on approximately $1 billion worth of rare earth minerals due to China’s new export controls covering materials that have a military use, Financial Times has reported.
According to the US Geological Survey, China accounts for nearly 70% of the global production of critical minerals, which play a key role in the manufacturing of most modern technologies and weapons systems.
In an article on Sunday, the outlet, citing public filings by the US Defense Logistics Agency (DLA), reported that Washington had considerably accelerated its efforts to stockpile rare earths in recent months. The publication quoted an anonymous former defense official as saying that the US is “definitely looking for more, and they’re doing it in a deliberate and expansive way, and looking for new sources of different ores needed for defense products.”
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