五角大楼入股韩国炼锌厂 藏着美国战略野心

Core Viewpoint - The U.S. Department of Defense (DoD) is increasingly acting like an investment bank by acquiring stakes in key mineral companies, aiming to reduce reliance on foreign sources, particularly China, for critical minerals [2][3][8]. Group 1: Investment in Key Minerals - The DoD will invest $7.4 billion to build a smelter in Tennessee in partnership with Korea Zinc, acquiring a 40% stake and becoming the largest shareholder [1]. - The smelter is expected to produce approximately 540,000 tons annually, and Korea Zinc will sell $1.9 billion worth of new shares to the U.S. government and a joint venture controlled by U.S. strategic investors [1]. - The DoD has previously invested $400 million for a 15% stake in MP Materials, the only operating rare earth mine in the U.S., and plans to acquire 10% of Intel [1][3]. Group 2: Legislative Background - The recent acquisitions stem from the "Big and Beautiful" Act, which aims to reshape U.S. industry by increasing debt by approximately $4.1 trillion over ten years through cuts in public healthcare and green industry subsidies [3]. - The Act provides the DoD's Strategic Capital Office with $500 million in credit subsidies, creating up to $100 billion in available loan funds for critical mineral production and related projects [3]. Group 3: Strategic Shift - The Strategic Capital Office, led by Deputy Secretary of Defense Steve VanBeurden, is shifting its investment strategy from mid-term investments to a model that includes controlling stakes in key industries, reflecting concerns over supply chain stability [3][5]. - The DoD's entry into the Korean smelter market marks its first role as a government shareholder in a foreign critical mineral enterprise, indicating a significant strategic shift [5]. Group 4: Broader Implications - The DoD's actions are part of a broader strategy to establish new strategic supply chains outside of China, as indicated by the White House's commitment to ending U.S. dependence on foreign critical minerals [8]. - However, there are challenges, such as opposition from Korea Zinc's major shareholders against the dilution of their stakes, and the fact that South Korea also relies heavily on Chinese mineral supplies [8][6]. - Despite the ambitious plans, experts suggest that the U.S. may not resolve the technical challenges of rare earth refining within the next decade [8].