Pentagon is currently working on improving the production of critical minerals in the United States in order to challenge China's dominance of the supply chain for rare earths, CNBC shared on Tuesday.
"Rebuilding the critical minerals and rare earth magnet sectors of the US industrial base won't happen overnight, but DoD [Department of Defense] is taking immediate action to streamline processes and identify opportunities to strengthen critical minerals production," a defense official told CNBC.
Additionally, DoD made a deal with MP Materials Corp. last week to buy $400 million of preferred stock, which will make the Pentagon the largest shareholder in the rare earth miner.
