Highlights

• F-35 fighter jets require nearly half a ton of rare earths.
• China controls 85-90% of global rare earth refining.
• The U.S. has geological reserves, but significant hurdles remain in processing, permitting, and industrial capabilities.
• Strategic investments, like the DoD's $400 million in MP Materials, represent incremental progress toward mineral independence.

A National Defense Magazine article yesterday, authored by Tabitha Reeves, correctly highlights several realities.  First, the F-35 fighter jet does require nearly half a ton of rare earths, a fact consistent with U.S. Department of Defense data.  Second, China dominates processing—controlling roughly 85–90%— and continues to hold the upper hand in global rare earth refining.  Third, supply disruptions are not theoretical. Beijing has already used export restrictions as leverage, forcing the U.S. Defense Logistics Agency to consider tapping stockpiles.  And finally, Washington has responded with real money: the DoD’s $400 million investment in MP Materials to build a second magnet facility is accurate and on record.

The Rosy Glow of Rhetoric

Where the article tilts toward speculation is in framing America’s geological endowment as a ready-made solution. Yes, the U.S. does have reserves of uranium, lithium, and rare earths. But calling them sufficient “to meet the world’s needs” skips the glaring hurdles: permitting delays, processing gaps, and lack of downstream industrial know-how. Accessing rock in the ground is not the same as producing magnets, alloys, or battery-grade chemicals at scale.

What’s Left Unsaid

Timeframes matter. The uranium project in New Mexico is not expected to come online until the early 2030s, leaving at least half a decade during which U.S. defense supply chains remain exposed to external risks. Price volatility also continues to kill momentum. While the article briefly acknowledges uranium price collapses, it does not fully explore how cyclical swings have repeatedly pushed U.S. miners into standby mode, undermining consistency and investor confidence. Adding to the challenge is regulatory uncertainty. References to “outdated regulations” are fair, but the deeper reality is that community opposition and strict environmental safeguards make permitting in the United States a geopolitical liability, slowing progress even as strategic urgency rises.

Investor’s Lens

This piece serves as a useful rallying cry but risks overselling progress. The facts show incremental steps—an MP Materials magnet plant here, a uranium mine there. The speculation lies in implying that this amounts to mineral independence. For investors, the takeaway is clear: the U.S. is moving, but painfully slowly, as Rare Earth Exchanges has tried to educate. Supply chains remain China-heavy for the foreseeable future.

Source: Tabitha Reeves, National Defense Magazine, “Despite Progress, Work Remains to Achieve U.S. Critical Mineral Independence,” Aug. 22, 2025.

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