Group of Seven (G7) is trying to reinforce critical supplies mineralas it seeks to be removed from dependence on China For materials used in anything, from mobile phones to wind turbines.
G7 leaders aim to agree on a statement during their meeting in Kananaskis, Canada, to draw up an “action plan” to differentiate mineral supplies and encourage “direct and escalating investment” in projects, according to a draft document. Without mentioning China – which represents almost 70% of world production of rare land – they reported the “threat to our economies” from current practices in the field.
“We have common national and financial security interests, which depend on access to durable critical mineral supplies governed by the market authorities,” according to the draft, which is still subject to changes before its approval by leaders.
“Politics and practices that are not based on the market in the field of critical minerals threaten our ability to acquire many critical minerals, including the rare earths required for magnets, which are vital to industrial production.”
The risks to Western economies The dependence on China for basic resources used in a wide range of manufacturing industries have been revealed since April, when, in retaliation for US President Donald Trump’s duties, the Asian nation has strictly strictly exported to Critical materials, such as Gallium, germanium, graphite and antimony, over the past two years.
“We recognize the need to work together to increase investment in responsible critical mineral projects within the G7 and around the world,” the document plan said. “Immediate and escalating investments are needed to ensure future supply chains and to ensure that many promising mining and processing projects will overcome obstacles such as delays in licensing and approval procedures, market manipulation and price volatility.”
The statement also encouraged multilateral development banks and private sector lenders “to allocate further funds for investment in critical minerals based on standards, including through innovative funding”.
The G7 consists of the US, Canada, Japan, Germany, the United Kingdom, France and Italy, as well as the European Union.