Drone wars deepen West’s critical minerals squeeze
Drones in the Russia-Ukraine war account for an estimated 4% of global germanium demand, adding pressure to a small critical minerals market dominated by China, according to BMO Capital Markets. Governments and military alliances have pledged about $150 billion for drone and counter-drone capabilities since 2025. China produced 98% of the world’s primary refined gallium, 77% of refined germanium and 68% of mined rare earths in 2023, according to a U.S. Geological Survey study.
Why it matters: This highlights the strategic competition over critical minerals, a key theme in the briefing, as Western governments seek to reduce dependence on Chinese supply chains for advanced technologies.