US to push for quicker action on rare earths, Pg17

Key Highlights:

• US Treasury Secretary Scott Bessent will urge G7 nations to accelerate efforts to reduce reliance on critical minerals from China.
• The meeting includes finance ministers from G7, EU, Australia, India, South Korea, and Mexico, representing 60% of global demand.
• Bessent expressed frustration over the lack of urgency since the G7 leaders' summit in Canada in June.
• The US signed an agreement with Australia in October, including an $8.5 billion project pipeline, to counter China's dominance.

Detailed Insights:

• The G7 nations, except Japan which acted after China's 2010 supply cut, are heavily dependent on critical minerals from China.
• China dominates critical mineral refining, processing 47% to 87% of copper, lithium, cobalt, graphite, and rare earths.
• These minerals are crucial for defense, semiconductors, renewable energy, batteries, and refining, highlighting strategic importance.
• The US aims to boost domestic production and collaborate with Australia, Ukraine, and others to reduce reliance on China.
• Australia's proposed strategic reserve will supply metals like rare earths and lithium, vulnerable to supply disruptions.
• Recent reports suggest China has begun restricting exports of rare earths and magnets to Japanese companies.

Key Concepts Involved:

• Critical Minerals: Minerals essential for modern technologies and industries, facing supply risks.
• Supply Chain: The network of processes involved in producing and distributing a product.
• Rare Earths: A set of seventeen metallic elements crucial in various technological applications.