Pentagon to boost rare earths and lithium stockpiles – Reuters (NYSEARCA:REMX)

Pentagon to boost rare earths and lithium stockpiles – Reuters (NYSEARCA:REMX)

Joaquin Corbalan/iStock via Getty Images

The U.S. Department of Defense plans to increase the stockpile of rare earth minerals, cobalt and lithium it manages, in an effort to reduce the country’s long-term dependence on China, Reuters reports.

The new stockpile guidance reportedly could be announced as soon as next week, nearly a year after President Biden issued an executive order to study U.S. supply chain resiliency.

Lithium, used to make electric vehicle batteries, will be vital to the Pentagon’s goal of shifting its fleet of 170K non-tactical vehicles to zero emissions, according to the report.

The U.S. currently has only one rare earths mine – the Mountain Pass mine in California – and no capability to process rare earth minerals.

Potentially relevant tickers include MP, TROX, ALB, LAC, SLI, LTHM

Seeking Alpha contributor Michael A. Gayed is bullish on the VanEck Vectors Rare Earth/Strategic Metals ETF (NYSEARCA:REMX), calling it a “solid long-term growth story.”

Originally Posted on: https://seekingalpha.com/news/3802200-pentagon-to-unveil-plan-to-boost-rare-earths-and-lithium-stockpiles-reuters?source=feed_tag_commodities
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