G-7 to scale back reliance on China for key minerals - mega plan
Suspense Crime, Digital Desk : G7 leaders on Wednesday took another step towards less reliance on China for critical minerals by agreeing to coordinate further on critical mineral supply chains. The leaders set out a proposal for a new forum and coordination on stockpiling, involving more IEA engagement. Western countries are in an urgent dash to find alternative suppliers of the metals used in defense, tech, renewable energy and away from Chinese supply chains. The collapse of the US-based companies producing the most advanced permanent magnets as China blocked their export was nearly a shutdown for those industries, in a painful demonstration of China’s supply dominance, and the economic fall out this has generated. “We are committed to establishing a predictable, transparent and interoperable system – starting with two critical minerals, lithium and nickel – at a cost that does not compromise competition and is manageable”, said the leaders. A system is needed in “our governments”, which is able to carry out “policy and data-sharing and provide timely coordination”, and with the International Energy Agency, “with which G7 cooperation in critical minerals will build and provide market intelligence and early warning”.
