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Despite their crucial relevance, several components of the intricate network of global trade frequently go unrecognized. Rare earth supplies are one such element, and they are a growing source of concern for the United States.
The US is navigating a perilous situation that might affect its technical and economic future as the demand for these minerals increases globally and supply systems experience disruptions.
Rare earth minerals, a collection of seventeen distinct elements, are essential ingredients in the manufacture of a wide range of high-tech products, from cellphones and electric cars to cutting-edge weapons and renewable energy systems.
These minerals are not always rare in amount, despite the label rare earth suggesting scarcity. They are nonetheless difficult to extract, purify, and process. The weakness of the global supply chain is the issue.
China currently controls the majority of the world’s output of rare earth minerals, both in terms of production and supply. For nations like the United States, which primarily rely on these minerals for their technology and defense industries, this strong reliance on a single source poses a serious concern.
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US Initiatives to Secure Rare Earth Supplies
The US government has acted as a result of mounting worries regarding the availability of rare earth elements. To lessen reliance on foreign sources and increase domestic output, measures are being implemented.
These initiatives include looking into new mining prospects in the US and spending money on R&D to advance extraction and processing methods. International collaborations are also being established to diversify the sources of rare earth minerals.
The US is working with nations like Australia and Canada to create a supply chain that is more resilient. These collaborations are meant to prevent the worldwide supply of these vital minerals from being severely hampered by an interruption in any one source.
It is imperative to guarantee a steady supply of rare earth materials. They are necessary for the development of cutting-edge technology, clean energy options, and capabilities for international security.
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Source: www.cnbc.com
