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Wall Street Journal (6/16/23) reports: "China hasn’t been shy about its ambition to become the world’s superpower. But before Beijing can achieve that goal, it first needs to monopolize the world’s supply of critical minerals. The U.S. has been asleep at the wheel on this growing threat to America’s economic and national security. Chemical elements such as neodymium, lithium and zinc are vital to modern life. They are used to make wind turbines, cell phones, satellites and precision-guided munitions. The U.S. economy can’t function without secure access to a reliable supply of these critical minerals. Beijing is actively working to control that supply. Chinese companies are obtaining licenses to mine these elements in Zimbabwe, the Democratic Republic of Congo, Chile and Argentina, and, crucially, denying the mining opportunity to the U.S. and others. The critical mineral gap between China and the U.S. has grown into a dangerous chasm, threatening civilian and military supply chains. China accounts for 60% of global production, 85% to 90% of processing and more than 75% of manufacturing of critical minerals. There is some good news. The U.S. and allies have the domestic critical mineral supply necessary to counter China’s dominance of the industry. Look no further than Oklahoma, where we recently opened the first domestic rare earth metal and magnet facility in Stillwater. This $100 million facility, in partnership with Oklahoma State University, will help ensure that our nation’s end-to-end supply chain is secured."
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"Ultimately, if implemented, bans on conventionally powered vehicles will lead to draconian impediments to affordable and convenient driving and a massive misallocation of capital in the world’s $4 trillion automotive industry."
– Mark Mills, Substack
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