G7 Finance Chiefs to Elevate Rare Earths Discussion

Finance ministers from the Group of Seven will convene in Washington on January 12 to address rare earths supply issues. Dependence on China and price floor discussions will be key topics. The move follows an action plan agreed to last year to fortify supply chains.

Finance ministers from the Group of Seven nations are set to gather in Washington on January 12 to deliberate on the pressing issue of rare earths supply, according to three informed sources. Discussions are expected to include the establishment of price floors, among other mineral-related topics.

The meeting comes as most G7 members, with the exception of Japan, remain heavily reliant on China for crucial materials such as rare earth magnets and battery metals. In June of last year, the G7 delineated an action plan aimed at securing supply chains and invigorating their economies. Officials have been exploring the implementation of price floors to incentivize investments in minerals outside of China.

The U.S., leading the effort, previously set a minimum price for domestic rare earths. However, a U.S. Treasury spokesperson has yet to comment on the upcoming meeting.

(With inputs from agencies.)