Overview

• Defense Logistics Agency filings point to planned purchases totaling up to $1 billion, including as much as $500 million in cobalt, $245 million in antimony, $100 million in tantalum, and $45 million in scandium.
• Some of the targeted metals have not previously been held in the National Defense Stockpile, indicating a broadened acquisition approach.
• The effort builds on about $540 million in Defense Production Act investments and a $400 million Pentagon equity stake in MP Materials to expand domestic processing capacity.
• The National Defense Stockpile is valued under $1 billion today versus an inflation-adjusted $42 billion at its Cold War peak, highlighting thin strategic reserves.
• After China tightened export rules on Oct. 9, President Donald Trump said the U.S. will double tariffs on Chinese goods from Nov. 1, while Beijing stated the controls are not blanket bans and qualifying export applications will be approved.