#AIS: MP Materials CEO James Litinsky on rare earths, supply chain, and energy independence
Chapters
0:0 Chamath intros MP Materials CEO James Litinsky1:13 James gives a talk on supply chain, energy independence, acquiring the Mountain Pass mine and starting MP Materials
12:48 Bestie Q&A with James: US falling behind in rare earth mining, risk compliance, energy independence breeding geopolitical leverage, mining lithium in the ocean vs Earth's crust, and more
00:00:00.000 | Okay, so I wanted to introduce somebody. This is an incredible story of a turnaround of a business
00:00:09.100 | that impacts a lot of us in America, if you care about climate change, etc. His name is Jim
00:00:14.940 | Latinsky, and here's a guy who had all the success in the world running a hedge fund successfully.
00:00:22.020 | A business called Mollicorp goes into bankruptcy. He basically puts his entire fund in it,
00:00:29.340 | brings it out of bankruptcy, manages to build one of the first mines that was completely cleared.
00:00:35.460 | You heard what Elon said about California in California, that mines some of these rare
00:00:40.640 | earths and critical metals that we need to make permanent magnets that we use in electric motors
00:00:44.760 | on the front lines of climate change, building factories now in South Carolina with GM, etc.
00:00:51.840 | So Jim's just going to walk you through a few things, and we're going to talk about some climate
00:00:55.220 | change stuff after this.
00:00:58.680 | Hey, everyone. So I'm Jim. I used to run a hedge fund, and now I'm an accidental industrialist.
00:01:20.680 | So I want to take you through that journey. And then while I do that, it'll, you know, we'll go
00:01:28.340 | through the process. And then I'm going to talk to you about some of the things that I've done.
00:01:28.660 | And then I'll talk to you about some of the problems that I've done.
00:01:28.720 | And then I'll talk to you about some of the problems that I'd like to solve.
00:01:29.840 | Just to provide some context. So I think if we think about a lot of the things that just came up
00:01:35.560 | with respect to the economy, it's been about a decade plus since the global financial crisis.
00:01:42.620 | And in that decade plus, we've been in this environment where there's been essentially a full-on
00:01:49.060 | boom, a lot of money printing, and essentially a very low or negative cost of capital in growth,
00:01:55.900 | in technology, right? And what we've seen is that the economy has been in a very low or negative cost
00:01:58.640 | of capital in growth, in technology, right? And so we've seen that the economy has been in a very low or negative cost of capital in growth,
00:01:58.700 | and so we've seen that the economy has been in a very low or negative cost of capital in growth,
00:01:58.700 | and now I guess we're on the beginning stages of the aftermath of experiencing that economic enema,
00:02:04.660 | as was just discussed. But we have just been through this period of over a decade where there's been,
00:02:12.200 | you know, all this money that has gone to growth. And what has happened during that time simultaneously
00:02:18.940 | is the real economy has been starved. You haven't seen, I doubt many of you have friends that are investing in new steel mills or aluminum mills or nickel mines,
00:02:28.200 | maybe nickel mines, but you haven't seen, I doubt many of you have friends that are investing in new steel mills or aluminum mills or nickel mines,
00:02:28.620 | but you haven't seen, I doubt many of you have friends that are investing in new steel mills or nickel mines,
00:02:28.680 | now, right? But while the real economy has been starved, actually, interestingly, we haven't noticed it so much,
00:02:36.780 | one, because we're just starting to scale into electrification, but China's made investments.
00:02:43.700 | So pretty much all of the incremental steel and aluminum and commodities capacity in the world over the last decade
00:02:51.840 | has come online because, you know, China has led the way. And, you know, as an aside, interestingly,
00:02:58.600 | about 80% of the aluminum and 80% of the steel production in China is done with coal.
00:03:04.840 | So not only has this been, you know, not only have they sort of taken over the real stuff,
00:03:10.960 | and this isn't about, you know, wherever you are on the spectrum of, you know,
00:03:17.520 | are they just a really tough competitor or is this, you know, some kind of economic World War III?
00:03:22.220 | It doesn't matter. What matters is, is that the incremental stuff in the real world has really,
00:03:28.580 | in a way, has been led by China. And so when we think about what's now happening in the world as we electrify,
00:03:36.040 | I want to move on to the next one here.
00:03:39.700 | I think one good thing about going after Elon is I don't have to really explain this chart.
00:03:45.980 | We are electrifying. And as we electrify, what a lot of people might not fully understand is that while all this real stuff has come online,
00:03:58.560 | the Chinese have actually moved downstream very intelligently.
00:04:02.400 | And so when we think about a lot of people may have heard of China 2025,
00:04:06.480 | but a lot of people probably haven't heard of China 2035,
00:04:10.740 | which is the current MO, which is to move downstream into standardization.
00:04:15.260 | And so actually, when we look around the world today, four of the top 10 OEMs are Chinese by global battery electric share.
00:04:25.920 | And so when we think about the world today,
00:04:28.540 | when we think about the single largest private employer in the country, the auto industry,
00:04:31.860 | we think about all these industries that are mineral intensive.
00:04:36.640 | The Chinese are actually have moved downstream.
00:04:39.360 | And these are these are very mineral intensive industries.
00:04:42.860 | So what this slide shows is as we go from a fossil fuel world to an electrification world,
00:04:50.060 | which, you know, we all I think everyone in this room believes is is fake complete.
00:04:54.240 | And this actually excludes steel and electric.
00:04:58.520 | Just in the content of copper, nickel, lithium, and then what I focus on, rare earths, and
00:05:07.880 | some of these other things, there's seven times as much content.
00:05:12.280 | And so, when we think about the past of the fossil-fuel-driving geopolitical gamesmanship
00:05:19.720 | and power in the world, the future is about minerals.
00:05:24.720 | And what I focus on are rare earths.
00:05:28.220 | So, and I'm going to get to my journey as an accidental industrialist in a minute, but
00:05:34.900 | what you can see here is rare earths, they're kind of, the way to think about it is sort
00:05:39.700 | of like a young cousin of semiconductors to the EV business.
00:05:45.120 | So regardless of how electrification happens, regardless of battery chemistry, how that
00:05:52.780 | energy gets to a motor, that motor moves via magnets, and so this industry is expected
00:05:57.920 | to explode.
00:05:58.920 | And it's not just EVs, it's wind turbines, drones, robots.
00:06:06.020 | Can anyone actually guess where this robot is from?
00:06:09.280 | This is actually from Short Circuit, Johnny #5, but I'm hoping Elon will get us a better
00:06:15.080 | robot of the future.
00:06:16.080 | But when we think about all these industries, magnetics, it's really powerful.
00:06:21.500 | So that's where I'm focused, and this is just an example of the commodity needs, as
00:06:27.620 | we electrify.
00:06:28.620 | If we take those projections of what's going to happen in electrification, just in my space,
00:06:34.320 | so this is NDPR, this is the stuff that we make, the input into magnetics, you can see
00:06:39.900 | there's a huge deficit that is looming.
00:06:43.500 | And just moving on, look at my space, here's the challenge.
00:06:47.680 | So outside of us, this entire supply chain is essentially domiciled in China.
00:06:54.980 | And it doesn't even have to be nefarious.
00:06:57.320 | But what happens when the largest manufacturers in the world are all competing for what I
00:07:02.420 | showed you on that prior slide, a shortage of supply, and we've seen lots of headlines,
00:07:07.120 | whether it's the semiconductor issue, or just today there was a headline that Rivian
00:07:12.700 | is fighting with a supplier over seat costs.
00:07:14.840 | All of these things where we're seeing the shortages in the supply chain that are flowing
00:07:19.080 | through, if there's an allocation of materials, and the materials are controlled, then we
00:07:27.020 | don't have to worry about what's happening in the supply chain.
00:07:29.100 | So what happens when the supply chain is being dominated by China, or another geopolitical
00:07:31.320 | rival, which downstream businesses do we think are going to get those materials?
00:07:34.940 | And this is actually now an existential issue for all of us.
00:07:40.080 | So back to my story.
00:07:42.280 | So this is Mountain Pass.
00:07:43.280 | This is the mine Chamath mentioned that we bought this out of bankruptcy in my fund.
00:07:48.700 | So going back about five years ago, this site went bankrupt.
00:07:54.620 | It was a public company.
00:07:55.620 | It sort of rose.
00:07:56.720 | And then it fell.
00:07:58.780 | And nobody believed that we could compete against China.
00:08:01.480 | And in fact, I had to-- we showed up.
00:08:03.740 | I showed up in the Delaware courthouse steps.
00:08:07.100 | I mean, it was literally like out of a movie.
00:08:08.600 | There were other creditors pushing to send this thing into bankruptcy.
00:08:11.940 | And you look at this thing, and you're like, wait, this is one of the most valuable rare
00:08:16.280 | earth materials mines in the world.
00:08:20.500 | And this is the future.
00:08:21.680 | This is a material for electrification.
00:08:23.760 | And no one wants it.
00:08:24.760 | Not only does no one want it.
00:08:26.420 | This is a material for the future.
00:08:28.060 | And we're not going to be able to do anything about it.
00:08:30.440 | And so we were like, we're going to do this.
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00:13:23.580 | And we're going to do this.
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00:15:09.580 | And we're going to do this.
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00:15:13.580 | And we're going to do this.
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00:15:17.580 | And we're going to do this.
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00:15:20.580 | And we're going to do this.
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00:15:54.580 | And we're going to do this.
00:15:55.580 | And we're going to do this.
00:15:56.580 | And we're going to do this.
00:15:57.580 | And we're going to do this.
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00:16:08.580 | And we're going to do this.
00:16:09.580 | And we're going to do this.
00:16:10.580 | And we're going to do this.
00:16:11.580 | And we're going to do this.
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00:16:13.580 | And we're going to do this.
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00:16:15.580 | And we're going to do this.
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00:16:17.580 | And we're going to do this.
00:16:18.580 | And we're going to do this.
00:16:19.580 | And we're going to do this.
00:16:20.580 | And we're going to do this.
00:16:21.580 | And we're going to do this.
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00:16:26.580 | And we're going to do this.
00:16:27.580 | And we're going to do this.
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00:16:39.580 | And we're going to do this.
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00:16:44.580 | And we're going to do this.
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00:16:47.580 | And we're going to do this.
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00:16:49.580 | And we're going to do this.
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00:16:52.580 | And we're going to do this.
00:16:53.580 | And we're going to do this.
00:16:54.580 | And we're going to do this.
00:16:55.580 | And we're going to do this.
00:16:56.580 | And we're going to do this.
00:16:57.580 | And we're going to do this.
00:16:58.580 | And we're going to do this.
00:16:59.580 | And we're going to do this.
00:17:00.580 | And we're going to do this.
00:17:01.580 | And we're going to do this.
00:17:02.580 | And we're going to do this.
00:17:03.580 | And we're going to do this.
00:17:04.580 | And we're going to do this.
00:17:05.580 | And we're going to do this.
00:17:06.580 | And we're going to do this.
00:17:07.580 | And we're going to do this.
00:17:08.580 | And we're going to do this.
00:17:09.580 | And we're going to do this.
00:17:10.580 | And we're going to do this.
00:17:11.580 | And we're going to do this.
00:17:12.580 | And we're going to do this.
00:17:13.580 | And we're going to do this.
00:17:14.580 | And we're going to do this.
00:17:15.580 | And we're going to do this.
00:17:16.580 | And we're going to do this.
00:17:17.580 | And we're going to do this.
00:17:18.580 | And we're going to do this.
00:17:19.580 | And we're going to do this.
00:17:20.580 | And we're going to do this.
00:17:21.580 | And we're going to do this.
00:17:22.580 | And we're going to do this.
00:17:23.580 | And we're going to do this.
00:17:24.580 | And we're going to do this.
00:17:25.580 | And we're going to do this.
00:17:26.580 | And we're going to do this.
00:17:27.580 | And we're going to do this.
00:17:28.580 | And we're going to do this.
00:17:29.580 | And we're going to do this.
00:17:30.580 | And we're going to do this.
00:17:31.580 | And we're going to do this.
00:17:32.580 | And we're going to do this.
00:17:33.580 | And we're going to do this.
00:17:34.580 | And we're going to do this.
00:17:35.580 | And we're going to do this.
00:17:36.580 | And we're going to do this.
00:17:37.580 | And we're going to do this.
00:17:38.580 | And we're going to do this.
00:17:39.580 | And we're going to do this.
00:17:40.580 | And we're going to do this.
00:17:41.580 | And we're going to do this.
00:17:42.580 | And we're going to do this.
00:17:43.580 | And we're going to do this.
00:17:44.580 | And we're going to do this.
00:17:45.580 | And we're going to do this.
00:17:46.580 | And we're going to do this.
00:17:47.580 | And we're going to do this.
00:17:48.580 | And we're going to do this.
00:17:49.580 | And we're going to do this.
00:17:50.580 | And we're going to do this.
00:17:51.580 | And we're going to do this.
00:17:52.580 | And we're going to do this.
00:17:53.580 | And we're going to do this.
00:17:54.580 | And we're going to do this.
00:17:55.580 | And we're going to do this.
00:17:56.580 | And we're going to do this.
00:17:57.580 | And we're going to do this.
00:17:58.580 | And we're going to do this.
00:17:59.580 | And we're going to do this.
00:18:00.580 | And we're going to do this.
00:18:01.580 | And we're going to do this.
00:18:02.580 | And we're going to do this.
00:18:03.580 | And we're going to do this.
00:18:04.580 | And we're going to do this.
00:18:05.580 | And we're going to do this.
00:18:06.580 | And we're going to do this.
00:18:07.580 | And we're going to do this.
00:18:08.580 | And we're going to do this.
00:18:09.580 | And we're going to do this.
00:18:10.580 | And we're going to do this.
00:18:11.580 | And we're going to do this.
00:18:12.580 | And we're going to do this.
00:18:13.580 | And we're going to do this.
00:18:14.580 | And we're going to do this.
00:18:15.580 | And we're going to do this.
00:18:16.580 | And we're going to do this.
00:18:17.580 | And we're going to do this.
00:18:18.580 | And we're going to do this.
00:18:19.580 | And we're going to do this.
00:18:20.580 | And we're going to do this.
00:18:21.580 | And we're going to do this.
00:18:22.580 | And we're going to do this.
00:18:23.580 | And we're going to do this.
00:18:24.580 | And we're going to do this.
00:18:25.580 | And we're going to do this.
00:18:26.580 | And we're going to do this.
00:18:27.580 | And we're going to do this.
00:18:28.580 | And we're going to do this.
00:18:29.580 | And we're going to do this.
00:18:30.580 | And we're going to do this.
00:18:31.580 | And we're going to do this.
00:18:32.580 | And we're going to do this.
00:18:33.580 | And we're going to do this.
00:18:34.580 | And we're going to do this.
00:18:35.580 | And we're going to do this.
00:18:36.580 | And we're going to do this.
00:18:37.580 | And we're going to do this.
00:18:38.580 | And we're going to do this.
00:18:39.580 | And we're going to do this.
00:18:40.580 | And we're going to do this.
00:18:41.580 | And we're going to do this.
00:18:42.580 | And we're going to do this.
00:18:43.580 | And we're going to do this.
00:18:44.580 | And we're going to do this.
00:18:45.580 | And we're going to do this.
00:18:46.580 | And we're going to do this.
00:18:47.580 | And we're going to do this.
00:18:48.580 | And we're going to do this.
00:18:49.580 | And we're going to do this.
00:18:50.580 | And we're going to do this.
00:18:51.580 | And we're going to do this.
00:18:52.580 | And we're going to do this.
00:18:53.580 | And we're going to do this.
00:18:54.580 | And we're going to do this.
00:18:55.580 | And we're going to do this.
00:18:56.580 | And we're going to do this.
00:18:57.580 | And we're going to do this.
00:18:58.580 | And we're going to do this.
00:18:59.580 | And we're going to do this.
00:19:00.580 | And we're going to do this.
00:19:01.580 | And we're going to do this.
00:19:02.580 | And we're going to do this.
00:19:03.580 | And we're going to do this.
00:19:04.580 | And we're going to do this.
00:19:05.580 | And we're going to do this.
00:19:06.580 | And we're going to do this.
00:19:07.580 | And we're going to do this.
00:19:08.580 | And we're going to do this.
00:19:09.580 | And we're going to do this.
00:19:10.580 | And we're going to do this.
00:19:11.580 | And we're going to do this.
00:19:12.580 | And we're going to do this.
00:19:13.580 | And we're going to do this.
00:19:14.580 | And we're going to do this.
00:19:15.580 | And we're going to do this.
00:19:16.580 | And we're going to do this.
00:19:17.580 | And we're going to do this.
00:19:18.580 | And we're going to do this.
00:19:19.580 | And we're going to do this.
00:19:20.580 | And we're going to do this.
00:19:21.580 | And we're going to do this.
00:19:22.580 | And we're going to do this.
00:19:23.580 | And we're going to do this.
00:19:24.580 | And we're going to do this.
00:19:25.580 | And we're going to do this.
00:19:26.580 | And we're going to do this.
00:19:27.580 | And we're going to do this.
00:19:28.580 | And we're going to do this.
00:19:29.580 | And we're going to do this.
00:19:30.580 | And we're going to do this.
00:19:31.580 | And we're going to do this.
00:19:32.580 | And we're going to do this.
00:19:33.580 | And we're going to do this.
00:19:34.580 | And we're going to do this.
00:19:35.580 | And we're going to do this.
00:19:36.580 | And we're going to do this.
00:19:37.580 | And we're going to do this.
00:19:38.580 | And we're going to do this.
00:19:39.580 | And we're going to do this.
00:19:40.580 | And we're going to do this.
00:19:41.580 | And we're going to do this.
00:19:42.580 | And we're going to do this.
00:19:43.580 | And we're going to do this.
00:19:44.580 | And we're going to do this.
00:19:45.580 | And we're going to do this.
00:19:46.580 | And we're going to do this.
00:19:47.580 | And we're going to do this.
00:19:48.580 | And we're going to do this.
00:19:49.580 | And we're going to do this.
00:19:50.580 | And we're going to do this.
00:19:51.580 | And we're going to do this.
00:19:52.580 | And we're going to do this.
00:19:53.580 | And we're going to do this.
00:19:54.580 | And we're going to do this.
00:19:55.580 | And we're going to do this.
00:19:56.580 | And we're going to do this.
00:19:57.580 | And we're going to do this.
00:19:58.580 | And we're going to do this.
00:19:59.580 | And we're going to do this.
00:20:00.580 | And we're going to do this.
00:20:01.580 | And we're going to do this.
00:20:02.580 | And we're going to do this.
00:20:03.580 | And we're going to do this.
00:20:04.580 | And we're going to do this.
00:20:05.580 | And we're going to do this.
00:20:06.580 | And we're going to do this.
00:20:07.580 | And we're going to do this.
00:20:08.580 | And we're going to do this.
00:20:09.580 | And we're going to do this.
00:20:10.580 | And we're going to do this.
00:20:11.580 | And we're going to do this.
00:20:12.580 | And we're going to do this.
00:20:13.580 | And we're going to do this.
00:20:14.580 | And we're going to do this.
00:20:15.580 | And we're going to do this.
00:20:16.580 | And we're going to do this.
00:20:17.580 | And we're going to do this.
00:20:18.580 | And we're going to do this.
00:20:19.580 | And we're going to do this.
00:20:20.580 | And we're going to do this.
00:20:21.580 | And we're going to do this.
00:20:22.580 | And we're going to do this.
00:20:23.580 | And we're going to do this.
00:20:24.580 | And we're going to do this.
00:20:25.580 | And we're going to do this.
00:20:26.580 | And we're going to do this.
00:20:27.580 | And we're going to do this.
00:20:28.580 | And we're going to do this.
00:20:29.580 | And we're going to do this.
00:20:30.580 | And we're going to do this.
00:20:31.580 | And we're going to do this.
00:20:32.580 | And we're going to do this.
00:20:33.580 | And we're going to do this.
00:20:34.580 | And we're going to do this.
00:20:35.580 | And we're going to do this.
00:20:36.580 | And we're going to do this.
00:20:37.580 | And we're going to do this.
00:20:38.580 | And we're going to do this.
00:20:39.580 | And we're going to do this.
00:20:40.580 | And we're going to do this.
00:20:41.580 | And we're going to do this.
00:20:42.580 | And we're going to do this.
00:20:43.580 | And we're going to do this.
00:20:44.580 | And we're going to do this.
00:20:45.580 | And we're going to do this.
00:20:46.580 | And we're going to do this.
00:20:47.580 | And we're going to do this.
00:20:48.580 | And we're going to do this.
00:20:49.580 | And we're going to do this.
00:20:50.580 | And we're going to do this.
00:20:51.580 | And we're going to do this.
00:20:52.580 | And we're going to do this.
00:20:53.580 | And we're going to do this.
00:20:54.580 | And we're going to do this.
00:20:55.580 | And we're going to do this.
00:20:56.580 | And we're going to do this.
00:20:57.580 | And we're going to do this.
00:20:58.580 | And we're going to do this.
00:20:59.580 | And we're going to do this.
00:21:00.580 | And we're going to do this.
00:21:01.580 | And we're going to do this.
00:21:02.580 | And we're going to do this.
00:21:03.580 | And we're going to do this.
00:21:04.580 | And we're going to do this.
00:21:05.580 | And we're going to do this.
00:21:06.580 | And we're going to do this.
00:21:07.580 | And we're going to do this.
00:21:08.580 | And we're going to do this.
00:21:09.580 | And we're going to do this.
00:21:10.580 | And we're going to do this.
00:21:11.580 | And we're going to do this.
00:21:12.580 | And we're going to do this.
00:21:13.580 | And we're going to do this.
00:21:14.580 | And we're going to do this.
00:21:15.580 | And we're going to do this.
00:21:16.580 | And we're going to do this.
00:21:17.580 | And we're going to do this.
00:21:18.580 | And we're going to do this.
00:21:19.580 | And we're going to do this.
00:21:20.580 | And we're going to do this.
00:21:21.580 | So I think you actually said it perfectly well in the lead-in, which is just anything
00:21:26.280 | that is real stuff.
00:21:28.240 | And so yeah, all of it, lithium, copper, nickel, steel, aluminum, all of these areas that have
00:21:35.580 | been starved, the cost of capital is just so high across the board that if you can come
00:21:41.080 | up with solutions to deliver the shortages, and again, I'm not saying the next three months
00:21:45.540 | we could have a brutal recession for six months, but we see the long-term five, 10-year trend.
00:21:50.020 | I think anywhere you look in this.
00:21:51.580 | In this space, you're looking in the right direction.
00:21:54.200 | It's a wind at your back as opposed to, and again, I'm not taking a view, but to come
00:21:58.580 | up with a new cryptocurrency right now.
00:22:00.600 | It's a huge wind at your back relative to a headwind.
00:22:03.840 | Could you get your mind operational in today's political environment, do you think?
00:22:09.900 | Like if you had to start from scratch or if you found a new thing in Nevada or wherever
00:22:15.860 | it is?
00:22:16.980 | That's a great question.
00:22:17.980 | And that's the challenge is that it takes, to get any of these things, it takes a decade.
00:22:21.580 | It takes, if you have all of the capital in place, all of the human capital, all that,
00:22:26.440 | just the going through that process to build it, the materials cost.
00:22:30.220 | And so could I do it?
00:22:32.660 | I think the world needs it.
00:22:34.060 | And I think that what we do environmentally is so unique that I think we could get it
00:22:37.880 | done.
00:22:38.880 | But this is a big challenge.
00:22:39.880 | And I think frankly, it's a, you guys were talking in the last session about we need
00:22:45.340 | to come together.
00:22:46.420 | This is a big time area where we need to come together.
00:22:48.760 | There should be a grand bargain.
00:22:50.240 | There should be...
00:22:51.580 | And the panelists should say, "Okay, I accept that we need this stuff.
00:22:55.700 | I accept that we don't want it to be only made in Russia and China."
00:22:59.520 | And they should loosen up on some of the permitting stuff.
00:23:02.640 | And I think the people who are just like, "Drill, drill, drill, mine, mine, mine, don't
00:23:06.040 | care," need to accept that we need to have really tough standards.
00:23:09.980 | And I think we should have some kind of grand bargain and it could be tax policy focused
00:23:14.200 | on it.
00:23:15.200 | But there needs to be some kind of coming together in our country to recognize that
00:23:18.840 | we need this stuff.
00:23:19.840 | I mean, let's be intentional.
00:23:21.580 | Let's be intellectually honest.
00:23:22.820 | People are hypocrites.
00:23:24.900 | The people in the EU, people in the United States, they want the energy.
00:23:28.720 | They want it cheap.
00:23:29.720 | They're complaining about the expense of even a modest increase in energy costs, 10%, 20%,
00:23:36.560 | which they could withstand.
00:23:38.020 | They will complain about it and they will not allow fracking in their country, but they're
00:23:42.760 | more than willing to let Russia frack for it.
00:23:44.880 | They don't want the cobalt coming out of the ground in California.
00:23:48.820 | They're more than willing to let 15 year olds deal with it.
00:23:51.580 | They get out of the ground without a mess.
00:23:52.820 | Eight year olds.
00:23:53.820 | Eight year olds, as horrific as it is.
00:23:55.760 | And there is intellectually dishonest, it's hypocrisy.
00:23:58.500 | And I think we have to own the fact that we want to live in large houses and we want to
00:24:03.340 | blow the air conditioner on some ridiculous setting.
00:24:06.800 | America's homes are three times bigger than other homes.
00:24:09.520 | So to build on this, two very quick stories.
00:24:12.020 | There's a massive deposit of lithium in Nevada, which would be enough to basically feed Tesla
00:24:17.720 | and another OEM.
00:24:19.580 | Okay?
00:24:20.580 | So this would get...
00:24:21.580 | This would get probably somewhere between one and one and a half million cars, pure
00:24:25.120 | electric on the road by 2030.
00:24:28.460 | And they were completely permitted by the BLM, the Bureau of Land Management.
00:24:35.060 | And there was a lawsuit that was filed and it's still wrangling its way through the federal
00:24:38.840 | court system.
00:24:40.160 | And what it is, is a claim that there is an upper wood grouse that could be endangered
00:24:47.640 | through this mining.
00:24:48.900 | They have yet to find an actual upper wood grouse in the...
00:24:51.580 | In the area.
00:24:52.580 | Right.
00:24:53.580 | But nothing can happen.
00:24:54.580 | Theoretically.
00:24:55.580 | And so the problem is that we've now delayed two years.
00:24:58.020 | It could get resolved this year, but it could be another two or three years, which means
00:25:01.240 | the lithium isn't actually available until 2030.
00:25:04.160 | I mean, while global warming continues to happen.
00:25:06.020 | That's one story.
00:25:07.020 | Second story is that just yesterday, the California, the city of Costa Mesa rejected a bid to build
00:25:13.360 | an electrolysis facility to create a hundred million liters of clean water every single
00:25:20.320 | day.
00:25:21.580 | Just a desal plant.
00:25:23.920 | The desal plant.
00:25:25.340 | Because they didn't want it.
00:25:26.340 | Because they're going to lose some jellyfish or something.
00:25:29.340 | No, they just didn't want it.
00:25:30.580 | They thought, ah, it's unsightly.
00:25:31.940 | I don't want this in Costa Mesa.
00:25:32.940 | Costa Mesa is pretty.
00:25:33.940 | And meanwhile, we're in a huge drought.
00:25:34.940 | It's a Costa, it's a Mesa.
00:25:35.940 | So, you know.
00:25:36.940 | And so to your point, when the rubber meets the road, these unfortunate decisions get
00:25:42.440 | made and there's no way to, you know, sort of calm top down.
00:25:46.480 | These people want to take 30 minute showers.
00:25:47.900 | I mean, that's the hypocrisy of it.
00:25:49.260 | If Americans really want to talk about conservation...
00:25:51.580 | First of all, 30 minute, there's nothing wrong with a 30 minute shower.
00:25:54.580 | Listen, I wasn't calling you out specifically, but since you unclothed yourself, it's gratuitous,
00:25:59.700 | in fact.
00:26:00.700 | It's completely gratuitous.
00:26:01.700 | And it's such a great point.
00:26:02.700 | And my entire argument is that we're going to, we will answer this question as a country
00:26:07.260 | either now or later.
00:26:09.040 | And the point about four of the 10 largest auto OEMs in the world are now Chinese companies.
00:26:14.300 | And so this is now a competitive issue.
00:26:17.060 | And so we can, we can keep kicking the can or we'll face a crisis.
00:26:19.580 | Are you, are you beloved by the government?
00:26:21.580 | Are you beloved by like, can you kind of like beeline and just cut through the nonsense
00:26:25.220 | because of Nevada government looks like you?
00:26:27.460 | Well, I think, I think that it's fair to say that the local officials are very happy with
00:26:32.720 | what we've done with what we've achieved in South Carolina, right?
00:26:36.300 | In Fort Worth, Texas, the magnetics facility, you know, we have some partnerships with DOD,
00:26:41.520 | the president announced those GM facilities, the GM things in Texas, Texas, Texas.
00:26:46.780 | So I think that there is frankly support from both sides of the aisle for what we're doing.
00:26:51.580 | I think that we're doing a lot of work on the executive orders on the rare earth magnetics
00:26:53.280 | industry specifically, both in the Trump administration and in the Biden administration.
00:26:57.800 | So I think what we're doing is hopefully nonpartisan.
00:27:01.480 | And frankly, I think all of this should be, and that's, you know, the point about the
00:27:05.260 | grand bargain, but even you raise a great point about just all of this stuff that it's,
00:27:11.440 | you know, there's so much pushback and we need to, we need to figure out a way to get
00:27:14.280 | past that because this stuff has to, has to get made.
00:27:16.580 | I think it's incredible what you're doing.
00:27:17.960 | I mean, I'm a huge fan disclaimer.
00:27:19.380 | I was also an investment.
00:27:21.580 | I am not an investment company, but we do appreciate you giving us the education and
00:27:25.800 | we do need to be independent from communist countries and really have the supply chain
00:27:31.880 | situation dialed in.
00:27:33.000 | So we appreciate the hard work for America and for freedom.
00:27:35.580 | And I'm a huge fan of you guys.
00:27:36.580 | So thank you.
00:27:37.580 | Thank you.
00:27:38.580 | Well done.
00:27:39.580 | We'll let your winners ride.
00:27:40.580 | Rain man, David Sacks.
00:27:41.580 | And instead we open source it to the fans and they've just gone crazy.
00:27:42.580 | We're going to let you ride.
00:27:43.580 | We're going to let you ride.
00:27:44.580 | We're going to let you ride.
00:27:45.580 | We're going to let you ride.
00:27:46.580 | We're going to let you ride.
00:27:47.580 | We're going to let you ride.
00:27:48.580 | We're going to let you ride.
00:27:49.580 | We're going to let you ride.
00:27:50.580 | We're going to let you ride.
00:27:51.580 | We're going to let you ride.
00:27:52.580 | We're going to let you ride.
00:27:53.580 | We're going to let you ride.
00:27:54.580 | We're going to let you ride.
00:27:55.580 | We're going to let you ride.
00:27:56.580 | We're going to let you ride.
00:27:57.580 | We're going to let you ride.
00:27:58.580 | We're going to let you ride.
00:27:59.580 | We're going to let you ride.
00:28:00.580 | We're going to let you ride.
00:28:01.580 | We're going to let you ride.
00:28:02.580 | We're going to let you ride.
00:28:03.580 | We're going to let you ride.
00:28:04.580 | We're going to let you ride.
00:28:05.580 | We're going to let you ride.
00:28:06.580 | We're going to let you ride.
00:28:07.580 | We're going to let you ride.
00:28:08.580 | We're going to let you ride.
00:28:09.580 | We're going to let you ride.
00:28:10.580 | We're going to let you ride.
00:28:11.580 | We're going to let you ride.
00:28:12.580 | We're going to let you ride.
00:28:13.580 | We're going to let you ride.
00:28:14.580 | We're going to let you ride.
00:28:15.580 | We're going to let you ride.
00:28:16.580 | We're going to let you ride.
00:28:17.580 | We're going to let you ride.
00:28:18.580 | We're going to let you ride.
00:28:19.580 | We're going to let you ride.
00:28:20.580 | We're going to let you ride.
00:28:21.580 | We're going to let you ride.
00:28:22.580 | We're going to let you ride.
00:28:23.580 | We're going to let you ride.
00:28:24.580 | We're going to let you ride.
00:28:25.580 | We're going to let you ride.
00:28:26.580 | We're going to let you ride.
00:28:27.580 | We're going to let you ride.
00:28:28.580 | We're going to let you ride.
00:28:29.580 | We're going to let you ride.
00:28:30.580 | We're going to let you ride.
00:28:31.580 | We're going to let you ride.
00:28:32.580 | We're going to let you ride.
00:28:33.580 | We're going to let you ride.
00:28:34.580 | We're going to let you ride.
00:28:35.580 | Falling