(Reuters) -The U.S. is seeking to procure cobalt worth up to $500 million for defense stockpiles amid the country’s move to boost its critical mineral supplies.

Companies have been scrambling to source rare earths after China imposed restrictions, leading to a 75% drop in rare earth magnet exports from the country in June and causing some auto companies to suspend production.

U.S. President Donald Trump in March invoked emergency powers to boost domestic production of critical minerals as part of a broad effort to offset China’s near-total control of the sector.

In July, Reuters reported that the White House tapped a former mining executive, David Copley, to head an office at the National Security Council focused on strengthening supply chains.

According to the tender document publishe

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