Dominic Raab is head of global affairs at Appian Capital, and former UK deputy prime minister and foreign secretary.
Amidst the polarized debate over the new US Administration’s trade policy, President Trump has taken a series of measures – from permitting reform to the nascent peace plan for Ukraine – demonstrating a concerted, new, strategic commitment to securing critical minerals supply chains.
The bedrock of the modern digital economy, from EV cars and smartphones to F-35 fighter aircraft, demand for critical minerals has doubled, creating a $320 billion market, and is set to double again by 2030. So too, today’s cutting-edge military hardware, on which our national security rests, depends on rare earths – from drones to submarines.
The Chinese economy has focused on building supply for over twenty years. Capitalizing on this head start in the critical minerals race, China today accounts for over 90% of rare earth refining, 77% of cobalt refining, and holds similar monopolies in nickel and lithium. 75% of all lithium-ion batteries are made in China.
For the rest of this column: https://www.mining.com/op-ed-a-credible-strategy-emerging-to-secure-us-critical-supply-chains/