23rd Parliamentary Intelligence-Security Forum – Rare Earth Minerals

Hon. Duncan Wood underscored the substantial surge in global energy transition demand for critical minerals, encompassing rare earth elements and metals such as copper. He posited that geopolitics holds paramount significance in mineral supply chains, compelling policymakers to transcend rivalry and concurrently fortify collaboration with allies while judiciously engaging in limited cooperation with competitors when deemed necessary. Wood elucidated that since the conclusion of the Cold War, the United States heavily relied on globalization and low-cost imports, assuming the security of supply chains. However, this approach rendered the nation susceptible to critical mineral supply vulnerabilities.

Wood observed that supply chain thinking is now evolving from “value for money” to “values,” encompassing national security, environmental standards, transparency, and governance. He emphasized that the United States must adopt a “mosaic approach” expanding domestic mining operations, reforming permitting procedures, investing in technological advancements and workforce development, and strengthening partnerships with allies through initiatives such as the Minerals Security Partnership. He concluded that international cooperation, particularly with nations like Canada, Mexico, and partners across Africa and Asia, will be indispensable in constructing resilient and secure mineral supply chains.