For much of the past decade, the world has ignored the risk that China might weaponize control of critical minerals for geopolitical ends. Right now, the bigger risk is that we’re freaking out about it too much.

Take the outcome of the meeting on the issue between dozens of ministers in Washington earlier this month. Despite nearly $24 billion of US government money being dedicated to mining, processing and storage facilities so far — some $10 billion alone to Project Vault, a proposed international stockpile of critical minerals — there’s no consistent vision of who this money will serve, and what elements are most in need of support.

© Bloomberg