China has an estimated 36% of rare earth metal deposits on the entire planet. Additionally, in 2014 China provided 80% of those metals that the US imported. This is one of the many ways in which the US and Chinese economies are inextricably linked.
Now, the Pentagon is taking steps to sever a portion of our reliance on China by stockpiling rare earth magnets that are essential to military production.
“The Pentagon is seeking proposals to cache a rotating 6 month supply of neodymium iron boron magnets, a type of #rareearth magnet essential to weapons manufacturing, according to the document, detailing the latest attempt to weaken #China's control over the rare earths sector.” https://t.co/KFqzNJFInx
— Mark Warner (@MAAWLAW) December 20, 2019
Neodymium iron boron (NdFeB) magnets are also used in applications outside of weapon and fighter jet production. However, these magnets are just one of the crucial materials we need to create and maintain a strong military to defend America.
Around $10 million is to be spent on this program. Additionally, $10 million will be funded by the recipients of this contract. Each participant will obtain a maximum of $3 million in funding.
The Pentagon’s deadline for responses to its request is due by January 22, 2020.
Copyright 2019, RightWing.org