The United States and its allies are finally taking supply chains for critical minerals seriously. China has spent the last three decades building a dominant share of global mineral production, and the export controls Beijing has introduced periodically since 2023 have made clear just how dangerous it is for other countries to rely on China for access to materials that are essential components of semiconductors, defense technologies, and automobiles.
Washington and European capitals are now trying to minimize their exposure. Alongside private firms, these governments have begun investing in both upstream industries including mines, refineries, and recycling infrastructure and downstream industries such as magnets and batteries. The bulk of their efforts so far have focused on mines already in operation or close to it and on refining. It is true that the United States and Europe do not…
