US, China step up race for rare-earth dominance

A bipartisan piece of legislation to be introduced in the US Senate on Friday would force defense contractors to stop buying rare earth minerals from China by 2026, Reuters reports. The bill will also require the use of the Pentagon to create a permanent stockpile of the strategic minerals. It essentially uses the Pentagon's purchase of billions of dollars-worth of fighter jets, missiles and other weapons as leverage to require contractors to stop using Chinese rare earths and thus support revival of domestic output. Waivers are allowed only in rare situations. Rare-earth metals - a group of 17 elements that…