The U.S. critical minerals list contains 50 minerals – including graphite, nickel, and cobalt – that are essential to our economy, infrastructure, and military capability. Critical minerals are used in smartphones, semiconductors, batteries, advanced defense equipment, and more.
China currently controls 90% of the global processing capacity for rare earth elements and over 80% of the processing for other critical minerals like cobalt, gallium, and graphite. Experts have become increasingly concerned with U.S. dependence on China for critical materials, arguing it poses a significant risk to national security.
In August 2023, China announced export controls on gallium and germanium, critical minerals used in semiconductor manufacturing. In October 2023, China introduced export license requirements for graphite, essential for battery anodes. And in June 2023, a cobalt mine in Idaho was forced to shutter its operations before it opened and lay off hundreds of workers as China flooded the market with cheap cobalt.
Recently, I helped introduced the Critical Materials Future Act to support domestic critical mineral processing projects. Our reliance on global supply chains for critical materials poses a significant national security threat, especially as the Chinese Communist Party continues to manipulate this market. This bill will take innovative steps to identify opportunities for American leadership and investment in critical material projects, strengthening domestic supply chains and boosting our economic and global competitiveness.
Read more about this bill here. |