{"id":2227,"date":"2026-06-17T17:10:48","date_gmt":"2026-06-17T17:10:48","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2227"},"modified":"2026-06-17T17:10:48","modified_gmt":"2026-06-17T17:10:48","slug":"g7-sets-up-critical-minerals-alliance-platform-to-cut-reliance-on-china","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2227","title":{"rendered":"G7 sets up critical minerals alliance, platform to cut reliance on China"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>EVIAN-LES-BAINS, France, June 17 (Reuters) &#8211; Group of Seven leaders agreed on \u200bWednesday to step up coordination to cut their countries&#8217; reliance on China for critical minerals, including plans to align stockpiling \u200cand launch a new platform with an expanded role for the International Energy Agency.<\/div>\n<div>Western powers are racing to diversify supplies of metals vital to defence, technology and renewable energy and reduce dependence on China. Beijing rattled global markets last year when export curbs on permanent magnets disrupted industries, exposing their reliance on a single source.<\/div>\n<div>Without \u200bnaming China, the leaders said they aim to reduce dependence on any one supplier outside the G7 and partner countries for \u200brare earths and permanent magnets to below 60% by 2030, with an ultimate goal of 50% &#8220;as soon as \u2060possible&#8221;.<\/div>\n<div>&#8220;We are committed to working towards establishing harmonized, interoperable mechanisms &#8230;. This would start with two pilot critical minerals \u2013 lithium and nickel \u2013 and aim \u200bto avoid undermining competitiveness or imposing excessive cost burdens,&#8221; the leaders said in a joint statement.<\/div>\n<div>The mechanisms would later expand to five new minerals each \u200byear with a focus on rare earth elements.<\/div>\n<h2>CHALLENGING TARGET<\/h2>\n<div>The 60% target will be challenging, analysts said, especially in terms of processed rare earths and magnets where China controls 90% of global output.<\/div>\n<div>&#8220;The G7 statement is an important signal of intent, but the pace of diversification will ultimately depend on whether policy support translates into investment \u200bacross the midstream and downstream parts of the value chain,&#8221; said Neha Mukherjee, research manager at consultancy Benchmark Mineral Intelligence.<\/div>\n<div>The G7 will also \u200bset up a platform to coordinate policy, data sharing and crisis response, working with the IEA to monitor markets and flag risks, as first reported by Reuters.<\/div>\n<div>The platform \u200cwill draw \u2060on the agency for analysis and &#8220;early warnings of market distortions&#8221;, the group said.<\/div>\n<div>G7 countries and allies face the challenge of building full supply chains from mining to end-product, requiring billions of dollars of investment. The leaders said G7 development finance institutions and export credit agencies should work together, including with the private sector, to back projects and infrastructure.<\/div>\n<div>So far, countries have announced 195 projects since the start of 2026 with \u20ac64 billion ($74 billion) \u200bin investment.<\/div>\n<div>The statement added that countries \u200bwould explore &#8220;price-gap subsidies, joint procurement \u2060instruments and trade-related instruments such as quotas and price floors&#8221;, including through &#8220;plurilateral trade agreements&#8221;. The U.S. is expected to propose legally binding deals with Japan and the EU this month.<\/div>\n<div>The lack of commitment on elements such as \u200bprice floors reflected what diplomatic sources told Reuters ahead of the meeting was scepticism by G7 allies about the \u200bTrump administration&#8217;s push \u2060to boost critical minerals production by regulating prices.<\/div>\n<h2>G7 AIMS TO SUPPORT STOCKPILING, RECYCLING<\/h2>\n<div>The G7 committed to boost domestic stockpiling of critical minerals in both the industrial and public sectors.<\/div>\n<div>The U.S. launched its $12 billion critical minerals reserve, Project Vault, earlier this year and said in April the first funding tranche was due to \u2060close soon.<\/div>\n<div>The \u200bEU has shortlisted tungsten, rare earths and gallium for its first joint stockpile of critical \u200bminerals, sources told Reuters last month.<\/div>\n<div>The statement also pledged to boost recycling of critical materials, aiming to increase the joint G7 recycling capacity to account for a &#8220;significant share&#8221; of annual \u200bconsumption by 2030.<\/div>\n<div>($1 = 0.8627 euros)<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2225\">Warsh-led Fed expected to leave interest rates unchanged<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2223\">As oil roundtrips, AI booms, and US consumers spend, economists\u2019 Fed outlooks hit the extremes<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2221\">Iranians see little chance of life improving as interim deal halts war with US<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Group of Seven leaders agreed on \u200bWednesday to step up coordination to cut their countries&#8217; reliance on China for critical minerals, including plans to align stockpiling \u200cand launch a new platform with an expanded role for the International Energy Agency.<\/p>\n","protected":false},"author":1,"featured_media":2226,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[113,18],"class_list":["post-2227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-clean-energy","tag-europe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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