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US Defense Department to buy cobalt for up to $500 million
The U.S. is seeking to procure cobalt worth up to $500 million for defense stockpiles amid the country's move to boost its critical mineral supplies. Companies have been scrambling to source rare earths after China imposed restrictions, leading to a 75% drop in rare earth magnet exports from the country in June and causing some auto companies to suspend production. U.S. President Donald Trump in March invoked emergency powers to boost domestic production of critical minerals as part of a broad effort to offset China's near-total control of the sector. In July, Reuters reported that the White House tapped a former ... (full story)
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- Aug 21, 2025 8:03pm Posted byFundamental Analysis233
