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U.S. Treasury Secretary Scott Bessent will urge Group of Seven nations and others to step up their efforts to cut back reliance on vital minerals from China when he hosts a dozen high finance officers on Monday (January 12, 2026), a senior U.S. official stated.
The assembly, which kicks off with a dinner on Sunday (January 11) night, will embody Finance Ministers or Cupboard Ministers from the G7 superior economies, the European Union, Australia, India, South Korea and Mexico, stated the official who was not authorised to talk publicly.
Collectively, the grouping accounts for 60% of world demand for vital minerals.
“Urgency is the theme of the day. It’s a really massive endeavor. There’s loads of completely different angles, loads of completely different nations concerned and we actually simply want to maneuver sooner,” the official stated.
Bessent on Friday (January 9) advised Reuters that he had been urgent for a separate assembly on the concern since a G7 leaders summit in Canada in June, the place he delivered a rare earths presentation to gathered heads of state from the U.S., Britain, Japan, Canada, Germany, France, Italy and the European Union.
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Leaders agreed to an motion plan on the summit to safe their provide chains and increase their economies, however Bessent has grown pissed off concerning the lack of urgency demonstrated by attendees, the official stated.
Apart from Japan, which took motion after China abruptly reduce off its vital minerals provides in 2010, G7 members stay closely depending on vital minerals from China, which has threatened to impose strict export controls.
China dominates the vital minerals provide chain, refining between 47% and 87% of copper, lithium, cobalt, graphite and uncommon earths, in keeping with the Worldwide Vitality Company. These minerals are utilized in protection applied sciences, semiconductors, renewable vitality elements, batteries and refining processes.
The U.S. is predicted to concern a press release after the assembly, however no particular joint motion is probably going, the official added.
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“America is within the posture of calling everybody collectively, exhibiting management, sharing what we keep in mind going ahead,” stated the official. “We’re prepared to maneuver with those that really feel an identical degree of urgency..and others can be part of as they arrive to the realisation of how critical that is.”
The official gave no particulars on what additional steps have been deliberate by the Trump administration, which is pushing ahead to spice up home manufacturing and scale back reliance on China by way of agreements with Australia, Ukraine and different producers.
The U.S. signed an settlement with Australia in October geared toward countering China’s dominance in vital minerals that features an $8.5 billion challenge pipeline. The deal leverages Australia’s proposed strategic reserve, which is able to provide metals like uncommon earths and lithium which might be susceptible to disruption.
The official stated there had been progress, however extra work was wanted. “It’s not solved,” they added.
Canberra has stated it has subsequently acquired curiosity from Europe, Japan, South Korea and Singapore.
Monday’s (January 12) assembly comes days after studies that China had begun proscribing exports to Japanese corporations of uncommon earths and highly effective magnets containing them, in addition to banning exports of dual-use gadgets to the Japanese army.
The assembly was deliberate properly earlier than that motion, U.S. officers stated. China was nonetheless dwelling as much as its commitments to buy U.S. soybeans and ship vital minerals to U.S. companies.
Revealed – January 11, 2026 07:47 pm IST
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