Around 20 countries, including the US, UK, EU members, Japan, Australia, India, and South Korea, will meet in Washington this week to discuss forming a strategic alliance on critical minerals and rare earths. The talks aim to strengthen non-China supply chains for materials essential to modern industries such as electronics, defence, renewable energy, and electric vehicles.
The meeting, convened by the US Secretary of State, focuses on improving cooperation, investment, and pricing stability for critical minerals. One proposal under discussion is whether the US should guarantee minimum prices for certain minerals to encourage alternative suppliers, though Washington has reportedly stepped back from committing to this idea.
Australia recently announced plans to create a A$1.2 billion strategic reserve of minerals like antimony and gallium, citing risks of supply disruption. Japan has already built similar reserves over several years to protect against geopolitical supply shocks.
European officials view the summit as a potential turning point in rebuilding trust among allies and coordinating efforts to reduce economic reliance on China. The EU is also expected to raise concerns over new US steel-related tariffs, arguing they undermine recent trade agreements.
Critical minerals and rare earths are vital for producing smartphones, wind turbines, electric vehicles, and military equipment. Europe remains heavily dependent on China, importing the majority of its permanent magnets used in advanced manufacturing.
If successful, the talks could lead to a joint statement and mark a significant step toward a coordinated global approach to securing critical mineral supply chains.