(Bloomberg) — Joe Biden’s ambition to make the U.S. less dependent on other nations for rare earths and minerals critical to the clean energy transition will take years to accomplish.
A review of the U.S. critical minerals and rare earths supply chain that the president ordered this week is likely to show that even with sweeping changes the nation is at least a decade from becoming self sufficient.
That will mean turning to countries such as Canada, which has the the largest number of rare earth projects in the world, according to Gareth Hatch, managing director of Strategic Materials Advisors Ltd.
“There’s far greater expertise in rare earths and critical minerals in Canada and Australia than there is in the U.S.,” said Hatch, who is also the CEO of Innovation Metals Corp., a subsidiary of Ucore Rare Metals, which has a rare-earth project in the U.S.
“But the downstream markets are in the U.S., so it’s in the interest of all three countries to work together with the U.S. being the ultimate end market.”
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