America Secretary of Power, Jennifer Granholm, has expressed considerations about China’s overwhelming management of the worldwide provide chain for crucial minerals.
What Occurred: Granholm voiced her apprehensions through the Worldwide Power Company’s 2024 Ministerial Assembly in Paris, CNBC reported on Wednesday. The growing demand for minerals and uncooked supplies essential to the power transition, resembling nickel, copper, lithium, and cobalt, has raised considerations about China’s dominant place within the provide chain.
China presently accounts for roughly 60% of the world’s manufacturing of uncommon earth minerals and supplies, posing a strategic problem as nations shift in direction of low-carbon power sources.
“It is one of many items of the provision chain that we’re very involved about in the US. We don’t wish to be over-reliant on nations whose values we might not share,” Granholm mentioned, based on the report.
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Granholm emphasised the necessity for the U.S. to replace its rules, together with a 150-year-old mining regulation, to make sure the sustainable and environment friendly extraction of crucial minerals. She additionally highlighted the significance of partnerships with allies like Australia and Canada to diversify the provision of those minerals.
Why It Issues: The U.S. will not be the one nation involved about China’s dominance within the crucial minerals provide chain. In January, Canada additionally expressed its want to extend crucial mineral manufacturing, however China’s involvement raised considerations. A research by Mansfield Consulting discovered that 16 proposed crucial mineral mines within the province of British Columbia might generate vital financial advantages.
Moreover, the U.S. is ramping its efforts to counter China’s dominance. Final week, a U.S. delegation to a significant mining convention in South Africa, which included officers from the Treasury and State departments, highlighted the rising significance of African mining within the context of the Biden administration’s power agenda.
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