Rivalry over critical minerals strengthens case for smart state intervention

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The recent decision by the Pentagon to take a direct investment stake in MP Materials, the foremost US producer of rare earth minerals, is a striking signal of the lengths modern states are willing to go to secure their industrial and strategic interests. In the contest for control over materials as fundamental as lithium, cobalt, and rare earths - ingredients now almost as vital as oil during the twentieth century - countries are shedding any reticence about government involvement in markets.

The recent decision by the Pentagon to take a direct investment stake in MP Materials, the foremost US producer of rare earth minerals, is a striking signal of the lengths modern states are willing to go to secure their industrial and strategic interests. In the contest for control over materials as fundamental as lithium, cobalt, and rare earths - ingredients now almost as vital as oil during the twentieth century - countries are shedding any reticence about government involvement in markets.

The recent decision by the Pentagon to take a direct investment stake in MP Materials, the foremost US producer of rare earth minerals, is a striking signal of the lengths modern states are willing to go to secure their industrial and strategic interests. In the contest for control over materials as fundamental as lithium, cobalt, and rare earths - ingredients now almost as vital as oil during the twentieth century - countries are shedding any reticence about government involvement in markets.