From an office a few blocks from the White House, a group of former Wall Streeters is at the forefront of the Pentagon¡¯s plan to crack China¡¯s critical-minerals stranglehold.
Their goal is to create an independent source for the rare earth elements and magnets used in everything from microwave ovens to missiles. They want to prevent a repeat of last year, when U.S. President Donald Trump was forced to back down in his trade war after China cut off supplies.
The Pentagon group is known internally as ¡°Deal Team Six¡± in a half-joking reference to the Navy¡¯s elite special missions unit, Seal Team Six. It¡¯s racing to put together creative deals with billions of dollars in equity stakes, long-term price floors, purchase commitments, loans and other financial tools.
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