G7, other allies discuss ways to reduce dependence on Chinese rare earths

The participating countries and the EU represent 60% of global demand for critical minerals, but China dominates the supply chain, refining between 47% and 87% of key minerals, according to the International Energy Agency.

Finance ministers from the G7 and other major economies met in Washington on Monday 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.