G7, allies discuss cutting reliance on China for rare earthsReuters, WASHINGTONFinance ministers from the G7 and other major economies on Monday met in Washington to discuss ways to reduce dependence on rare earths from China, including setting a price floor and new partnerships to build up alternative supplies, ministers said. The participating countries and the EU account for 60 percent of global demand for critical minerals. However, China dominates the supply chain, refining between 47 and 87 percent of copper, lithium, cobalt, graphite and rare earths, the International Energy Agency said. Last week, China banned exports of items destined for Japan’s military that have civilian and military uses, including some critical minerals. He said rare earths and critical mineral supplies would be a central topic under the French presidency of the G7 this year.
