The role played by crude oil as a strategic resource in the past will be replaced by rare earth metals and other strategic materials. These are required in modern semiconductors, electric vehicles, drones, displays, radar systems, magnets, electric motors, wind turbines and several other modern engineering products. Some of the rare earth materials are Neodymium, Samarium, Yttrium etc. Some strategic materials are Lithium, Molybdenum, Cobalt, Beryllium etc. For strategic security and defence purposes most large countries are trying to secure these resources. If their own country has it then that is being explored and, if not, the race is to acquire mining rights or joint ventures in other countries. The strategic importance of this can be judged from the India-US joint statement after the Modi-Trump meeting Feb. 2025 which included a mention of the Mineral Security Partnership and Strategic Mineral Recovery Initiative for recovering critical minerals like Lithium, Cobalt and rare earths from industries like aluminum, coal mining and oil and gas. India has carried out several initiatives for securing critical and strategic materials, including establishing a company focused on acquiring mining rights in resource-rich foreign countries like Australia, Argentina, Chile, Mozambique etc.