Global Leaders Unite to Strengthen Critical Mineral Supply Chains

U.S. Treasury Secretary Scott Bessent convened with international ministers to discuss securing and diversifying critical mineral supply chains. Emphasizing 'prudent derisking,' the meeting aimed to bolster supply chain resiliency against current deficiencies. Delegates from countries like Australia, Canada, and the EU were in attendance.

The U.S. Treasury Department hosted a high-profile meeting on Monday, spearheaded by Treasury Secretary Scott Bessent, focusing on strategies to secure and diversify supply chains for critical minerals, particularly rare earth elements. Representatives from various U.S. allies were present to explore collaborative solutions, as indicated in an official statement.

Bessent, expressing optimism, advocated for 'prudent derisking' rather than decoupling. He emphasized the importance of addressing existing deficiencies in critical mineral supply chains and encouraged attendees to enhance their resiliency, as outlined by the department.

The assembly brought together delegates from a diverse range of nations, including Australia, Canada, the European Union, France, Germany, India, Italy, Japan, Mexico, South Korea, and the United Kingdom, underscoring the global effort to stabilize and strengthen critical mineral supplies.

(With inputs from agencies.)