The US wants to invest in a domestic rare earth mining chain. (Illustrative photo: AFP/TTXVN)
The U.S. government is considering investing in developing a domestic rare earth supply chain, amid China's continued tightening of controls on exports of these minerals, according to CNBC.
Shares of many rare earth and mineral mining companies in the US surged in the last trading session, following news that China was tightening export controls, indicating increased expectations that the White House would take strong action to achieve self-sufficiency in domestic rare earth supplies.
CNBC reported on October 9th, citing sources from China's Ministry of Commerce, that Beijing now requires foreign organizations to obtain export licenses for products containing rare earth elements at or above 0.1% of the goods' value. Companies will also need export licenses if they use Chinese technology for mining, refining, or recycling magnets.
An administration official told CNBC that “the White House and relevant agencies are carefully assessing the impact of these new regulations, which were issued without prior notice and appear to be aimed at controlling the entire global technology supply chain.”
In July, the US Department of Defense signed an agreement to acquire a stake in MP Materials, the largest rare earth company in the US, and US officials have since reached agreements to acquire stakes in several other mineral companies.
The US remains heavily reliant on imports of rare earth minerals from China, which accounts for over 90% of the global supply of this commodity.
Source: https://vtv.vn/my-co-the-dau-tu-thuc-day-chuoi-cung-ung-dat-hiem-noi-dia-100251010170205565.htm
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