Sprott Asset Management LP

The Pentagon could require enough specialized rare earth magnets by 2030 to absorb nearly half of today's entire non-Chinese production, highlighting the scale of the challenge facing Washington as it tries to build a defense supply chain independent of China.

The U.S. Department of Defense needs are expected to rise about three times to 10,000 tons annually by 2030, according to a Sprott Asset Management report this week.

That compares with only 20,000 to 25,000 tons of rare earth magnets produced outside China today within a global market of roughly 250,000 tons.

And here is the key quote from Sprott Senior Portfolio Manager and Economic Geologist Justin Tolman.

It's a Western-based mining company, unnamed, but they hold about 8%.

And then the other one that is, I guess, would file is right around 9%, and that's Sprott Asset Management.

predominantly out of the United States.

So not Eric Sprott, but the Sprott Wealth Advisors as well.

Right.

And eventually, you started your asset management company, Sprott Asset Management.

What was the impetus behind that, and why did you start focusing more on managing money?

Sure.

Now, remember, Eric Sprott is a Canadian billionaire.

He founded the company Sprott Asset Management.

He's considered to be royalty within the precious metals sector.

And he brought up something very interesting, which we're going to talk about China later in this video.