According to media reports, a meeting is scheduled for next week.
After a period of relative calm, the issue of rare earth elements may soon return to the spotlight. As reported by Reuters, citing sources familiar with the matter, the finance ministers of the G7 countries are expected to meet in Washington, D.C., on January 12 to discuss the supply situation for these critical raw materials. All seven nations, Germany, France, Italy, Japan, Canada, the United Kingdom, and the United States, are heavily dependent on imports of rare earths from China. The United States, in particular, is currently pushing ahead with efforts to build a domestic rare earth industry.
Initial reports emerged in September indicating that representatives of the G7, along with the European Union, which holds observer status within the group, had begun discussing the matter. One key topic was the introduction of price guarantees for non-Chinese mining companies to improve their competitiveness. This approach was reportedly inspired by the agreement reached last summer between MP Materials and the U.S. Department of Defense.
A similar model is now under discussion in Australia to further strengthen the country’s rare-earth industry. In addition to minimum price guarantees, policymakers are advocating for a mechanism to secure a share of revenues once prices exceed certain thresholds.
Read more: China underscored its strategic importance in the technology and raw materials sectors earlier this week by tightening export controls on dual-use goods to Japan.
Photo: StreetOnCamara via Canva
