G-7 leaders agree on strategy to protect critical mineral supply, draft document shows
Raw Rare Earth ore waiting to be processed at Vital Metals in Saskatoon, Saskatchewan, Canada. PHOTO: REUTERS
KANANASKIS, Alberta - Group of Seven leaders on June 16 provisionally agreed on a strategy to help protect the supply of critical minerals and bolster their economies, according to a draft statement seen by Reuters.
The draft, which a source said had not yet been approved by US President Donald Trump, also said minerals markets should reflect the real costs of responsible extraction, processing, and trade of critical minerals.
China's decision in April to suspend exports of a wide range of critical minerals and magnets disrupted supplies needed by automakers, computer chip manufacturers and military contractors around the world.
Mr Trump last week said Chinese President Xi Jinping agreed to let rare earth minerals and magnets flow to the United States.
Rare earths and other critical minerals, though, remain a source of leverage for Beijing.
"Non-market policies and practices in the critical minerals sector threaten our ability to acquire many critical minerals," the draft said.
"Recognising this threat to our economies, as well as various other risks to the resilience of our critical minerals supply chains, we will work together and with partners beyond the G-7 to swiftly protect our economic and national security."
This included anticipating critical minerals shortages, coordinating responses to deliberate market disruption, and diversifying mining, processing, manufacturing, and recycling, it said. REUTERS
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