The Group of Seven leading economies are working to shore up supplies of critical minerals as they seek to move away from reliance on China for materials used in everything from mobile phones to wind turbines.
G-7 leaders aim to agree to a statement at their meeting in Kananaskis, Canada, to establish an “action plan” to diversify supplies of the vital metals and encourage “immediate and scaled investment” in projects, according to a draft document obtained by Bloomberg. Without mentioning China — which accounts for almost 70% of the world’s production of rare earths — they mentioned the “threat to our economies” of current practices in the sector.
“We have shared national and economic security interests, which depend on access to resilient critical minerals supply chains governed by market principles,” according to the draft, according to the draft, which is still subject to…
