Mining
The 50 Minerals Critical to U.S. Security
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The 50 Minerals Critical to U.S. Security
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The U.S. aims to cut its greenhouse gas emissions in half by 2030 as part of its commitment to tackling climate change, but might be lacking the critical minerals needed to achieve its goals.
The American green economy will rely on renewable sources of energy like wind and solar, along with the electrification of transportation. However, local production of the raw materials necessary to produce these technologies, including solar panels, wind turbines, and electric vehicles, is lacking. Understandably, this has raised concerns in Washington.
In this graphic, based on data from the U.S. Geological Survey, we list all of the minerals that the government has deemed critical to both the economic and national security of the United States.
What are Critical Minerals?
A critical mineral is defined as a non-fuel material considered vital for the economic well-being of the world’s major and emerging economies, whose supply may be at risk. This can be due to geological scarcity, geopolitical issues, trade policy, or other factors.
In 2018, the U.S. Department of the Interior released a list of 35 critical minerals. The new list, released in February 2022, contains 15 more commodities.
Much of the increase in the new list is the result of splitting the rare earth elements and platinum group elements into individual entries rather than including them as “mineral groups.” In addition, the 2022 list of critical minerals adds nickel and zinc to the list while removing helium, potash, rhenium, and strontium.
Mineral | Example Uses | Net Import Reliance |
---|---|---|
Beryllium | Alloying agent in aerospace, defense industries | 11% |
Aluminum | Power lines, construction, electronics | 13% |
Zirconium | High-temparature ceramics production | 25% |
Palladium | Catalytic converters | 40% |
Germanium | Fiber optics, night vision applications | 50% |
Lithium | Rechargeable batteries | 50% |
Magnesium | Alloys, electronics | 50% |
Nickel | Stainless steel, rechargeable batteries | 50% |
Tungsten | Wear-resistant metals | 50% |
Barite | Hydrocarbon production | 75% |
Chromium | Stainless steel | 75% |
Tin | Coatings, alloys for steel | 75% |
Cobalt | Rechargeable batteries, superalloys | 76% |
Platinum | Catalytic converters | 79% |
Antimony | Lead-acid batteries, flame retardants | 81% |
Zinc | Metallurgy to produce galvanized steel | 83% |
Titanium | White pigment, metal alloys | 88% |
Bismuth | Medical, atomic research | 94% |
Tellurium | Solar cells, thermoelectric devices | 95% |
Vanadium | Alloying agent for iron and steel | 96% |
Arsenic | Semi-conductors, lumber preservatives, pesticides | 100% |
Cerium | Catalytic converters, ceramics, glass, metallurgy | 100% |
Cesium | Research, development | 100% |
Dysprosium | Data storage devices, lasers | 100% |
Erbium | Fiber optics, optical amplifiers, lasers | 100% |
Europium | Phosphors, nuclear control rods | 100% |
Fluorspar | Manufacture of aluminum, cement, steel, gasoline | 100% |
Gadolinium | Medical imaging, steelmaking | 100% |
Gallium | Integrated circuits, LEDs | 100% |
Graphite | Lubricants, batteries | 100% |
Holmium | Permanent magnets, nuclear control rods | 100% |
Indium | Liquid crystal display screens | 100% |
Lanthanum | Catalysts, ceramics, glass, polishing compounds | 100% |
Lutetium | Scintillators for medical imaging, cancer therapies | 100% |
Manganese | Steelmaking, batteries | 100% |
Neodymium | Rubber catalysts, medical, industrial lasers | 100% |
Niobium | Steel, superalloys | 100% |
Praseodymium | Permanent magnets, batteries, aerospace alloys | 100% |
Rubidium | Research, development in electronics | 100% |
Samarium | Cancer treatment, absorber in nuclear reactors | 100% |
Scandium | Alloys, ceramics, fuel cells | 100% |
Tantalum | Electronic components, superalloys | 100% |
Terbium | Permanent magnets, fiber optics, lasers | 100% |
Thulium | Metal alloys, lasers | 100% |
Ytterbium | Catalysts, scintillometers, lasers, metallurgy | 100% |
Yttrium | Ceramic, catalysts, lasers, metallurgy, phosphors | 100% |
Iridium | Coating of anodes for electrochemical processes | No data available |
Rhodium | Catalytic converters, electrical components | No data available |
Ruthenium | Electrical contacts, chip resistors in computers | No data available |
Hafnium | Nuclear control rods, alloys | Net exporter |
The challenge for the U.S. is that the local production of these raw materials is extremely limited.
For instance, in 2021 there was only one operating nickel mine in the country, the Eagle mine in Michigan. The facility ships its concentrates abroad for refining and is scheduled to close in 2025. Likewise, the country only hosted one lithium mine, the Silver Peak Mine in Nevada.
At the same time, most of the country’s supply of critical minerals depends on countries that have historically competed with America.
China’s Dominance in Minerals
Perhaps unsurprisingly, China is the single largest supply source of mineral commodities for the United States.
Cesium, a critical metal used in a wide range of manufacturing, is one example. There are only three pegmatite mines in the world that can produce cesium, and all were controlled by Chinese companies in 2021.
Furthermore, China refines nearly 90% of the world’s rare earths. Despite the name, these elements are abundant on the Earth’s crust and make up the majority of listed critical minerals. They are essential for a variety of products like EVs, advanced ceramics, computers, smartphones, wind turbines, monitors, and fiber optics.
After China, the next largest source of mineral commodities to the United States has been Canada, which provided the United States with 16 different elements in 2021.
The Rising Demand for Critical Minerals
As the world’s clean energy transitions gather pace, demand for critical minerals is expected to grow quickly.
According to the International Energy Association, the rise of low-carbon power generation is projected to triple mineral demand from this sector by 2040.
The shift to a sustainable economy is important, and consequently, securing the critical minerals necessary for it is just as vital.
Mining
Charted: 30 Years of Central Bank Gold Demand
Globally, central banks bought a record 1,136 tonnes of gold in 2022. How has central bank gold demand changed over the last three decades?

30 Years of Central Bank Gold Demand
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Did you know that nearly one-fifth of all the gold ever mined is held by central banks?
Besides investors and jewelry consumers, central banks are a major source of gold demand. In fact, in 2022, central banks snapped up gold at the fastest pace since 1967.
However, the record gold purchases of 2022 are in stark contrast to the 1990s and early 2000s, when central banks were net sellers of gold.
The above infographic uses data from the World Gold Council to show 30 years of central bank gold demand, highlighting how official attitudes toward gold have changed in the last 30 years.
Why Do Central Banks Buy Gold?
Gold plays an important role in the financial reserves of numerous nations. Here are three of the reasons why central banks hold gold:
- Balancing foreign exchange reserves
Central banks have long held gold as part of their reserves to manage risk from currency holdings and to promote stability during economic turmoil. - Hedging against fiat currencies
Gold offers a hedge against the eroding purchasing power of currencies (mainly the U.S. dollar) due to inflation. - Diversifying portfolios
Gold has an inverse correlation with the U.S. dollar. When the dollar falls in value, gold prices tend to rise, protecting central banks from volatility.
The Switch from Selling to Buying
In the 1990s and early 2000s, central banks were net sellers of gold.
There were several reasons behind the selling, including good macroeconomic conditions and a downward trend in gold prices. Due to strong economic growth, gold’s safe-haven properties were less valuable, and low returns made it unattractive as an investment.
Central bank attitudes toward gold started changing following the 1997 Asian financial crisis and then later, the 2007–08 financial crisis. Since 2010, central banks have been net buyers of gold on an annual basis.
Here’s a look at the 10 largest official buyers of gold from the end of 1999 to end of 2021:
Rank | Country | Amount of Gold Bought (tonnes) | % of All Buying |
---|---|---|---|
#1 | 🇷🇺 Russia | 1,888 | 28% |
#2 | 🇨🇳 China | 1,552 | 23% |
#3 | 🇹🇷 Türkiye | 541 | 8% |
#4 | 🇮🇳 India | 395 | 6% |
#5 | 🇰🇿 Kazakhstan | 345 | 5% |
#6 | 🇺🇿 Uzbekistan | 311 | 5% |
#7 | 🇸🇦 Saudi Arabia | 180 | 3% |
#8 | 🇹🇭 Thailand | 168 | 2% |
#9 | 🇵🇱 Poland | 128 | 2% |
#10 | 🇲🇽 Mexico | 115 | 2% |
Total | 5,623 | 84% |
Source: IMF
The top 10 official buyers of gold between end-1999 and end-2021 represent 84% of all the gold bought by central banks during this period.
Russia and China—arguably the United States’ top geopolitical rivals—have been the largest gold buyers over the last two decades. Russia, in particular, accelerated its gold purchases after being hit by Western sanctions following its annexation of Crimea in 2014.
Interestingly, the majority of nations on the above list are emerging economies. These countries have likely been stockpiling gold to hedge against financial and geopolitical risks affecting currencies, primarily the U.S. dollar.
Meanwhile, European nations including Switzerland, France, Netherlands, and the UK were the largest sellers of gold between 1999 and 2021, under the Central Bank Gold Agreement (CBGA) framework.
Which Central Banks Bought Gold in 2022?
In 2022, central banks bought a record 1,136 tonnes of gold, worth around $70 billion.
Country | 2022 Gold Purchases (tonnes) | % of Total |
---|---|---|
🇹🇷 Türkiye | 148 | 13% |
🇨🇳 China | 62 | 5% |
🇪🇬 Egypt | 47 | 4% |
🇶🇦 Qatar | 33 | 3% |
🇮🇶 Iraq | 34 | 3% |
🇮🇳 India | 33 | 3% |
🇦🇪 UAE | 25 | 2% |
🇰🇬 Kyrgyzstan | 6 | 1% |
🇹🇯 Tajikistan | 4 | 0.4% |
🇪🇨 Ecuador | 3 | 0.3% |
🌍 Unreported | 741 | 65% |
Total | 1,136 | 100% |
Türkiye, experiencing 86% year-over-year inflation as of October 2022, was the largest buyer, adding 148 tonnes to its reserves. China continued its gold-buying spree with 62 tonnes added in the months of November and December, amid rising geopolitical tensions with the United States.
Overall, emerging markets continued the trend that started in the 2000s, accounting for the bulk of gold purchases. Meanwhile, a significant two-thirds, or 741 tonnes of official gold purchases were unreported in 2022.
According to analysts, unreported gold purchases are likely to have come from countries like China and Russia, who are looking to de-dollarize global trade to circumvent Western sanctions.
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