Overview
- U.S. Treasury Secretary Scott Bessent will convene G7 finance ministers in Washington on Monday for a meeting focused on securing critical-minerals supply chains.
- Australia will participate alongside other partners, and India was invited, though Bessent said New Delhi’s attendance was not yet confirmed.
- The gathering follows a December virtual discussion and seeks to accelerate joint action on minerals vital to defense, chips, batteries and clean energy technologies.
- Australia’s October agreement with the U.S. features an $8.5 billion project pipeline and a proposed strategic reserve that has drawn interest from Europe, Japan, South Korea and Singapore.
- China refines roughly 47% to 87% of key minerals, according to the IEA, with the meeting coming days after reports of tightened Chinese exports to Japanese firms; Bessent also noted China continues shipments to U.S. buyers and soybean purchases.