钱有了，矿没了，美囤货计划要凉

Core Insights - The U.S. Department of Defense's Defense Logistics Agency (DLA) plans to spend $1 billion on critical minerals to expand national reserves and counter China's dominance in the rare earth metals sector, reflecting a sense of urgency rather than a strategic solution [1][10] - The U.S. heavily relies on imports for strategic minerals, with 12 out of 50 critical minerals entirely imported and 29 others relying on foreign sources for over half of their supply [3][4] - China's cost advantage in refining and processing these minerals poses a significant challenge for the U.S., as the country struggles to establish a self-sufficient supply chain [4][6] Industry Analysis - The DLA's procurement list has generated excitement in the global mining sector, with U.S. companies receiving substantial orders for cobalt and antimony, but the supply chain limitations raise questions about the feasibility of these purchases [4][6] - Despite having a stockpile of $1.3 billion in metals and minerals, the U.S. cannot easily access these reserves without a declaration of war, rendering them largely ineffective in a crisis [6][10] - The Biden administration's efforts to "de-China" the supply chain have faced obstacles, as allied countries prioritize their own needs over U.S. demands, leading to a fragmented approach to mineral procurement [6][9] Strategic Implications - The U.S. is attempting to build a supply chain by stockpiling minerals, but this approach is criticized as being more about psychological comfort than actual strategic advantage [6][10] - The reliance on Chinese technology for refining and processing minerals highlights the U.S.'s vulnerability in the supply chain, as it lacks the necessary infrastructure and expertise to independently process these materials [7][10] - The $1 billion investment is seen as a temporary measure to buy time rather than a long-term solution to the underlying issues in the U.S. manufacturing and supply chain landscape [10]