WASHINGTON: Australia, India, and several other countries have been invited to a G7 finance ministers’ meeting on critical minerals, US Treasury Secretary Scott Bessent said, amid growing Western efforts to reduce dependence on China for rare earths and other strategic resources.
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The meeting, hosted in Washington on Monday, follows a virtual gathering in December and discussions at last year’s G7 summit on securing supply chains for minerals critical to defense, renewable energy, batteries, and semiconductors.
BREAKING: G7 Finance Chiefs to Meet Jan. 12 in Washington on Rare Earth Supply Risks, Price Floors Under Review $MP $UUUU $TMC $UAMY $NB
Finance ministers from the Group of Seven nations will meet in Washington on January 12 to discuss rare earths supplies, three sources… pic.twitter.com/XGS3ujo6JT
— cek (@cekdrew) January 6, 2026
Bessent said he had pressed for a dedicated meeting since last summer and confirmed that India was invited, although it was unclear whether it had accepted. Australia, meanwhile, has already signed an $8.5 billion agreement with the US to create a strategic reserve and a project pipeline for lithium, rare earths, and other minerals, in part to counter China’s dominance. European, Japanese, South Korean, and Singaporean firms have since expressed interest in participating.
The G7—comprising the US, Britain, Japan, France, Germany, Italy, and Canada, alongside the European Union—relies heavily on Chinese refiners, which process between 47 and 87 percent of copper, lithium, cobalt, graphite, and rare earths, according to the International Energy Agency. China has recently restricted exports of rare earths and dual-use items to Japan, raising concerns among Western economies about supply security.
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Bessent stressed that, despite rising tensions, China continues to meet commitments to purchase US soybeans and supply critical minerals to American firms. Monday’s meeting aims to coordinate policies, strengthen supply chains, and discuss further strategies to secure critical resources vital for defense and high-tech industries.