The clip is a Fox Business interview about U.S. efforts to reduce dependence on China for tungsten and other critical minerals. The guest argues tungsten is strategically essential for defense, says China has tightened supply, and presents a Kazakhstan joint venture as a major long-life source that could help supply the U.S. and allies.
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This segment argues that critical minerals, especially tungsten, have become a national-security priority because China still dominates supply chains and the U.S. lacks meaningful domestic production. The guest says the U.S. has not had tungsten production since 2015, that China controls the market, and that recent Chinese actions have further tightened supply. The framing is explicitly geopolitical: tungsten is presented as essential to defense, munitions, artillery, and other military uses, so any squeeze in supply is treated as a strategic vulnerability rather than a normal industrial issue. A major point in the interview is the guest’s Kazakhstan project. He says the company has been in Kazakhstan since 2023, has acquired multiple licenses, and is developing what he calls the largest tungsten project in the world. …
Tactically, the setup is bullish for critical-minerals sentiment, but the trade still depends on actual financing and project milestones rather than the interview alone. Near-term upside likely comes from more policy rhetoric or any fresh China supply constraint, while execution delays would quickly cool the story.
Over the next few months, the base case is continued investor and policy interest in non-China mineral supply chains, with Kazakhstan-style projects benefitting if they can show real progress. The view changes if development stalls, capital gets tighter, or the strategic narrative is not matched by operational delivery.
The long-run implication is a more fragmented and geopolitically screened minerals system, where supply security matters as much as price. If this regime persists, companies with credible reserves in friendly jurisdictions and access to capital could become structurally more valuable.
The U.S. is trying to outpace China in critical mineral supplies, especially tungsten.
Opening framing of the segment and guest discussion.
The U.S. has not had tungsten production since 2015 and remains dependent on China.
Guest gives a direct historical claim about U.S. production and dependence.
China’s tightening of tungsten controls has worsened an already strained supply situation.
Guest says new Chinese action further exacerbated the issue.
What is tungsten used for and why does the U.S. need to win the race against China for tungsten supply?
The U.S. has had no tungsten production since 2015, China controls the supply and imposed export controls two weeks after President Trump took office. The U.S. military relies on tungsten for nearly all American defense — munitions, artillery, and high-tech equipment helping troops in operations against adversaries. This reliance on China for decades is now a critical vulnerability.
How much money has your company invested in the Kazakhstan tungsten project and how will the deal work?
The company has been in Kazakhstan since 2023, acquiring 15 licenses covering lithium, beryllium, and a joint venture with the national mining company to develop the largest rare-earth project in Kazakhstan. They have invested tens of millions of dollars so far with a commitment to spend $1.1 billion to develop the tungsten project, which is the largest in the world. The economics don't require subsidies — they can access capital markets and have received $1.6 billion in letters of intent from the government. They are expediting production due to the supply squeeze in the U.S.
What do you think about the need for domestic buildup of critical minerals in the U.S.?
The guest agrees that domestic production is critical, calling it 'quite ludicrous' that the U.S. military-industrial supply chain has relied on China for 30-40 years. However, he notes that the U.S. lacks meaningful tungsten deposits on its own soil that could supply the country for decades. While domestic production is needed wherever possible, the company focuses on allied countries like Kazakhstan which is well open to U.S. investment. The Trump administration has enabled this through public-private partnerships.
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