(MENAFN) The US Department of Defense is urgently working to acquire nearly $1 billion in rare earth elements following Beijing’s recent export restrictions on minerals with military applications, according to a report by a media outlet.

These strategic materials are vital in the creation of modern technologies and advanced weaponry.

As per data from the US Geological Survey, China is responsible for about 70% of the worldwide output of essential minerals, highlighting its dominant position in the global supply chain.

These elements are crucial in supporting defense and technological advancements.

In a report published on Sunday, the media outlet, referencing publicly available documents from the Defense Logistics Agency (DLA), revealed that the US government has significantly intensified its efforts to build a strategic reserve of rare earth minerals over recent months.

An unnamed former military official was quoted saying the US is “definitely looking for more, and they’re doing it in a deliberate and expansive way, and looking for new sources of different ores needed for defense products.”

The British publication pointed out that some of the resources the Pentagon is now aiming to acquire were not previously considered priorities.

Among the materials currently being sought, the US is planning to purchase up to $500 million in cobalt, $245 million in antimony, $100 million in tantalum, and $45 million in scandium.

Cristina Belda of Argus Media consultancy told the media outlet that “market participants have been taken aback by the volumes requested by the DLA,” noting that “many consider the quantities to be unrealistic, especially within the proposed five-year timeframe.”

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