AsianFin -- The U.S. Defense Department is looking to acquire cobalt valued at up to $500 million to bolster its strategic stockpiles as part of a broader effort to secure critical minerals.

The move comes amid heightened supply concerns, with companies rushing to source rare earths after China imposed export restrictions. In June, China’s rare earth magnet exports fell 75%, prompting production halts at some automakers.

The procurement highlights Washington’s push to reduce reliance on foreign sources for key minerals essential to defense and technology industries.