China and the US are ramping up dual pushes to use state funds to bolster mineral supply chains.
A new Beijing-backed mining investment firm is focused on shoring up overseas supplies of critical metals, Bloomberg reported, as fresh challenges from the US and Europe push China to “increase the number of tools at its disposal.”
Washington has taken stakes in several domestic rare earth firms to counter China’s dominance, and the Pentagon on Monday announced a $25 million investment in a startup whose minerals can be used in jets, missiles, and submarines. But it would cost the US $13.7 trillion over the next 25 years to fully end its reliance on China in manufacturing and tech, a new analysis found.