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In the coming decades, critical mineral insecurity will prompt seismic realignments of global supply chains. Initially prompted by the military concerns over sensitive materials, commercial interests may soon follow a pattern of forming more resilient supply chains for the materials that enable essential and experimental technologies.But just as importantly, America will have to examine its domestic capacity to meet mineral needs.
The new Treasury rules cover “material costs and extraction costs,” incentivizing both the domestic mining and production of 50 critical minerals. These changes could provide a long lasting incentive that reshapes the American mining landscape. Unlike other manufactured goods, which only receive full 45X benefits until 2029 and phase out by 2032, the legislationIt’s worth examining what a difference the 45X credit could make for domestic miners and producers. For operating mines, the tax credit is particularly attractive for its transferable value, which allows for more rapid cash flow and speedier reinvestment.
For established mining companies, the tax credit could prevent layoffs and offshoring that would otherwise be necessary to remain competitive with foreign producers. Sibanye Stillwater, which operates a Montana mine that produces the critical mineral palladium, stated that the expanded 45X tax credit.” But while a transferable tax credit provides liquidity to miners, it only supports one part of the domestic critical mineral industry.
The loss is the latest in a string of recent cases of alleged wrongdoing to hit a major commodity trading house.China isn’t short of options when it comes to critical minerals that could be used as counters in a trade war with the US.
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