From an office a few blocks from the White House, a group of former Wall Streeters is at the forefront of the Pentagon’s plan to crack China’s critical-minerals stranglehold.
Their goal is to create an independent source for the rare earth elements and magnets used in everything from microwave ovens to missiles. They want to prevent a repeat of last year, when U.S. President Donald Trump was forced to back down in his trade war after China cut off supplies.
The Pentagon group is known internally as "Deal Team Six” in a half-joking reference to the Navy’s elite special missions unit, Seal Team Six. It’s racing to put together creative deals with billions of dollars in equity stakes, long-term price floors, purchase commitments, loans and other financial tools.
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