OPINION:
President Biden has fumbled the ball on a major policy opportunity — and it isn’t Ukraine.
Two weeks ago, Mr. Biden spent Tuesday afternoon touting new support for our domestic critical mineral supply chain. Some of the proposals actually make good sense — many of which are carryover initiatives from former President Donald Trump — like prioritizing the production and processing of the minerals themselves.
This announcement could have been a win for America and for the administration. Instead, Mr. Biden completely killed the momentum by suspending an important road project that would unlock the huge potential of the Ambler Mining District in Alaska — on the very same day!
The Ambler Mining District has vast reserves of copper, cobalt and zinc, all of which are needed to secure America’s economic and homeland security. Cobalt and Zinc are on the U.S. Geological Survey’s Critical Mineral List, and copper is used in everything from telecommunications equipment to aerospace military systems.
Unfortunately for Mr. Biden, you cannot have your ice cream and eat it too.
On one hand, it appears that his team is beginning to grasp the obvious reality that you can’t develop a “green economy” without a secure supply of the minerals needed to build electric cars, semiconductors and solar panels.
On the other hand, his team is busy terminating the very projects that are needed to execute on their stated policy objective. … Just ask the fine folks at Twin Metals in Minnesota, who recently received notice that their copper and nickel mining permits were canceled by Interior Secretary Deb Haaland.
This “do as I say, not as I do” type of policy implementation causes uncertainty. The kind of uncertainty that investors don’t like.
During my time at the Export-Import Bank of the United States, I met with Alaska Gov. Mike Dunleavy to discuss the Ambler Mining District. The governor had a firm grasp on the issues and opportunities. He provided real solutions that would advance America’s position and bring the private sector to the table as a partner.
This is the kind of leadership we need. America needs a coalition of investors, regulators, off-takers and experts to end our mineral insecurity. The stakes are real and cannot be underestimated.
The Chinese Communist Party is doubling down on its dominance in this market with a new “Rare-Earths Giant” that centralizes several state-backed companies into one giant mineral monopoly. It already produces over 90% of the rare earths that we consume in America.
Democracy can overcome communism — see President Ronald Reagan — but only when we unify behind a shared set of objectives and execute with determination.
We put a man on the moon first with this very same formula.
China and Russia are rapidly advancing their own interests. Last month’s fumbled football on critical minerals is a reminder that Ukraine isn’t the only battlefield on which this is happening.
• Luke J. Lindberg is the former chief of staff and chief strategy officer at the Export-Import Bank of the United States and a senior adviser to Evolution Metals and Greentech Mineral Holdings, both companies are focused on developing America’s dome.
Please read our comment policy before commenting.