Rare Earth Miner Stocks Slammed After U.S. Defense Department Cancels Cobalt Purchase
Rare earth and battery metal stocks are tumbling today after the U.S. Defense Department abruptly canceled a high-profile tender to buy cobalt – at least for now - cutting short a torrid rally that had lifted the sector over the past several months.
However, it looks as though the cancellation may only be temporary, which if true the market is certainly overlooking…
Cobalt producers and related mining stocks had surged as prices more than doubled since February, fueled by export restrictions in the Democratic Republic of Congo — which supplies about three-quarters of global output — and renewed optimism over Western efforts to secure critical minerals.
The Defense Logistics Agency (DLA) had sought bids since mid-August for up to 7,500 tons of cobalt over five years — a contract worth as much as $500 million — as part of Washington’s broader effort to rebuild domestic supplies of critical minerals, according to Bloomberg. After repeatedly extending the bid deadline from Aug. 29 to Oct. 15, the agency has now scrapped the tender altogether.
“There are outstanding issues with the Statement of Work that need resolution before offers may be solicited,” a notice on a U.S. government website said Wednesday. “Upon resolution, solicitation will be re-issued with a new opening and closing date.”
The cancellation marks a setback for U.S. plans to reduce reliance on China for key inputs in electric vehicles, batteries, and defense systems. Cobalt is used in rechargeable batteries, magnets, munitions, and jet engines, and Beijing dominates global processing while maintaining a significant state stockpile.
Bloomberg writes that the now-abandoned tender followed a sharp rebound in cobalt prices, which have doubled since February after the Democratic Republic of Congo imposed export restrictions.
The DLA had been courting suppliers including units of Vale SA in Canada, Sumitomo Metal Mining Co. in Japan, and Glencore Plc’s Nikkelverk plant in Norway, seeking fixed prices for alloy-grade cobalt over five years. The U.S. had planned to spend between $2 million and $500 million under the program.
Tyler Durden Thu, 10/16/2025 – 12:15
Source: https://freedombunker.com/2025/10/16/rare-earth-miner-stocks-slammed-after-u-s-defense-department-cancels-cobalt-purchase/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,738,878,405 |
| Stories: | 8,515,633 |
Whistler Blowers, Insiders
