The US military is reportedly seeking to purchase up to $1 billion worth of minerals that are vital for the production of weapons

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."

According to the British newspaper, some of the materials the Pentagon is now seeking to purchase were previously absent from its wishlist.

Financial Times reported that the US military is looking to buy up to $500 million worth of cobalt, up to $245 million of antimony, up to $100 million of tantalum, and up to $45 million of scandium, among other materials.

"Market participants have been taken aback by the volumes requested by the DLA," Cristina Belda from Argus Media consultancy firm told FT, adding that "many consider the quantities to be unrealistic, especially within the proposed five-year timeframe."

Last Thursday, China announced new export controls on certain strategic minerals that have dual-use in military applications, citing national security considerations. Under the new rules, foreign companies are to obtain special approval before exporting goods containing even minimal amounts of Chinese-sourced rare earth elements.

In a post on his Truth Social platform on Friday, US President Donald Trump wrote that Washington would "impose a Tariff of 100% on China, over and above any Tariff that they are currently paying," starting November 1. He said it was in retaliation for Beijing's "extraordinarily aggressive" export restrictions.

(RT.com)