Overview
- Finance chiefs from the G7 plus Australia, India, Mexico and South Korea met in Washington to chart a reordering of supply for 34 critical materials used in clean‑energy and tech industries.
- U.S. officials floated minimum prices to bolster non‑Chinese miners and refiners, and Germany’s Lars Klingbeil welcomed the discussion while opposing policies framed against third countries.
- Options under review include strategic reserves for rare earths, lithium and cobalt, joint investment vehicles via development banks and export credit agencies, and tighter foreign‑investment screening.
- Europe’s vulnerability remains pronounced, with about 90% of rare‑earth refining in China and Germany importing roughly 5,200 tonnes of rare earths in 2024, 65.5% directly from China.
- No binding decisions were taken, and participants scheduled further cross‑ministerial talks as officials warned that diversifying and onshoring capacity will raise costs for consumers and industry.