Payne Institute – The State of Critical Minerals Report, 2023

The Payne Institute's State of Critical Minerals Report for 2023 highlights the United States' heavy reliance on China for critical minerals. Out of the 50 minerals on the US critical minerals list, the US imports 100% of 12 of these minerals and more than 50% of another 31 minerals. China's recent export regulations on gallium and germanium further emphasize the US's dependence. The report also points out that the critical minerals stockpile has consistently declined despite provisions in the Defense Production Act, calling for a more strategic approach. The US permitting process for mining approvals takes five times longer compared to countries like Canada and Australia, hindering efforts to improve the critical mineral supply chain. In terms of workforce, China has strategically invested in the industry for decades and currently has over 1.4 million enrollments in mining-related programs, while the US only has 600 enrollments. The report emphasizes that the concentration of critical minerals in a few countries makes the global supply chains vulnerable to geopolitical events and highlights China's dominance in the downstream minerals value chain and battery supply chain. With the US relying on China for 16 critical minerals and 25 other minerals, this vulnerability poses significant economic and national security risks for the US.