Skip to main content

US Senators Introduce Legislation To Monitor China’s Overseas Mineral Investments

TheEpochTimes.com

March 6, 2020 6:51, Last Updated: March 6, 2020 6:51
By Frank Fang , Epoch Times

Two U.S. senators on March 5 introduced legislation drawing attention to China’s plans to dominate rare earth supplies in other countries through its “One Belt, One Road” foreign policy initiative.

Rare earths are a group of minerals used to manufacture a range of consumer products and military technologies, including smartphones, electric vehicles, satellites, missiles, and semiconductor chips that power all electronic products.

Senators Mitt Romney (R-Utah) and Catherine Cortez Masto (D-Nev.) proposed legislation that would require the director of national intelligence to submit a congressional report, at least once annually, assessing the extent of China’s mineral investments through its One Belt, One Road (OBOR, also known as Belt and Road) initiative.

Protect yourself against fake news. Get real news directly to your phone. Download The Epoch Times app here.

“The U.S. must monitor China’s mineral investments to prevent mineral assets in developing countries from becoming beholden to the Chinese government and to thwart any efforts to weaponize those mineral investments against us,” Romney said, according to a press release.

Beijing rolled out OBOR in 2013, with the objective of increasing geopolitical influence by building up trade routes linking China, Southeast Asia, Africa, and Europe.

Through OBOR, the Chinese regime has been accused by critics of putting developing countries into a “debt trap” by offering unsustainable loans, while exploiting their natural resources like timbercrude oil, and minerals to drive the Chinese economy.

A part of the report would include an assessment of whether China’s efforts to acquire minerals through OBOR “counter or interfere with the goals of the Energy Resouce Governance Initiative” by the U.S. State Department.

The State Department’s initiative aims at “promoting sound mining sector governance” while engaging with other countries.

The proposed legislation is an amendment to the American Energy Innovation Act (AEIA), a bipartisan Senate bill introduced by Senators Lisa Murkowski (R-Ala.) and Joe Manchin (D-W.Va.) last week, intending to modernize the U.S. energy laws.

“Not only will this legislation bolster U.S. national security by ensuring the Administration is monitoring Chinese investments in vital resources and keeping Congress informed, but it will also protect American industries and help Nevada’s growing critical mineral operations access information relevant to industry market competition,” Cortez Masto said in the press release.

Rare Earths

China produces over 70 percent of the world’s rare earths, as the result of its cheap labor, lax environmental regulations, and rich deposits—about 35 percent of the world’s rare earth deposits are in China.

The United States is heavily dependent on China for its rare-earth needs, buying about 80 percent of its mineral imports from China from 2014 to 2017.

Despite its own rich rare-earth deposits, China lacks three key minerals inside its border: cobalt, lithium, and platinum-group metals, according to a 2019 report by Foreign Policy.

Lithium is a critical element used to manufacture batteries to power smartphones and electric vehicles. According to Foreign Policy, in 2017 China had stakes in 61 percent of lithium production in Australia, 67 percent in Chile, as well as having stakes mining projects in Argentina and Bolivia.

In terms of cobalt, which is used to manufacture products such as electric vehicles and satellites, China, as of 2017, influenced over 52 percent of cobalt production in the Democratic Republic of Congo, the report said. In 2017, Amnesty International raised concerns that Congolese children were being exploited to mine cobalt, which ended up at a Chinese processing company.

Follow Frank on Twitter: @HwaiDer

Comments

Popular posts from this blog

SSG Commando Muddassir Iqbal of Pakistan Army

“ Commando Muddassir Iqbal was part of the team who conducted Army Public School operation on 16 December 2014. In this video he reveals that he along with other commandos was ordered to kill the innocent children inside school, when asked why should they kill children after killing all the terrorist he was told that it would be a chance to defame Taliban and get nation on the side. He and all other commandos killed children and later Taliban was blamed. Muddassir Iqbal has deserted the military and now he is  with mujahedeen somewhere in AF PAK border area” For authenticity of  this tape journalists can easy reach to his home town to interview his family members or   ISPR as he reveals his army service number” Asalam o Alaikum: My name is Muddassir Iqbal. My father’s name is Naimat Ali. I belong to Sialkot divison (Punjab province), my village is Shamsher Poor and district, tehsil and post office  Narowal. Unfortunately I was working in Pakistan army. I feel embarrassed to tell yo

RWR Advisory: Belt and Road at a Glance

This edition covers developments from March 12 - March 26..  Belt and Road at a Glance   Subscribe to the Belt and Road Monitor Top Developments China National Machinery Industry Corporation, commonly known as Sinomach, has agreed to  build  a $845 million, 255-mile railway across  Iran , building upon a sustained period of growth for Chinese investment in Iran that accelerated after Xi Jinping’s state visit to the country in January 2016. The railway will link the cities of Tehran, Hamedan and Sanandaj. China Civil Engineering Construction, a subsidiary of CRCC, is currently also  building  a 263-km railway line from Kermanshah to Khosravi. According to Chinese entrepreneur Lin Zuoru, who  owns  factories in Iran, “Iran is at the center of everything.”On March 23, China’s Ministry of Commerce announced that foreign direct investment by Chinese companies in 50 Belt and Road countries fell by 30.9% year-on-year. While the Ministry stated that this number covers investment across al

CPEC Jobs in Pakistan, salary details

JOBS...نوکریاں چائنہ کمپنی میں Please help the deserving persons... Salary: Salary package in China–Pakistan Economic Corridor (CPEC) in these 300,000 jobs shall be on daily wages. The details of the daily wages are as follows; Welder: Rs. 1,700 daily Heavy Duty Driver: Rs. 1,700 daily Mason: Rs. 1,500 daily Helper: Rs. 850 daily Electrician: Rs. 1,700 daily Surveyor: Rs. 2,500 daily Security Guard: Rs. 1,600 daily Bulldozer operator: Rs. 2,200 daily Concrete mixer machine operator: Rs. 2,000 daily Roller operator: Rs. 2,000 daily Steel fixer: Rs. 2,200 daily Iron Shuttering fixer: Rs. 1,800 daily Account clerk: Rs. 2,200 daily Carpenter: Rs. 1,700 daily Light duty driver: Rs. 1,700 daily Labour: Rs. 900 daily Para Engine mechanic: Rs. 1,700 daily Pipe fitter: Rs. 1,700 daily Storekeeper: Rs. 1,700 daily Office boy: Rs. 1,200 daily Excavator operator: Rs. 2,200 daily Shovel operator: Rs. 2,200 daily Computer operator: Rs. 2,200 daily Security Supervisor: Rs.