The United States government has called for a global coalition to reduce dependency on China’s rare minerals. The call to action comes from the U.S. Treasury Secretary Scott Bessent, addressing senior government officials of other countries.
The meeting will begin with a dinner scheduled for Sunday evening. It will include ministers and cabinet ministers from the G7 advanced economies, India, South Korea, the European Union, Mexico, and Australia. The secretary is expected to raise the issue in a meeting scheduled for Monday involving the Group of Seven nations and other countries.
Scott Bessent is frustrated with the slow progress in rare mineral developments
The visiting countries alongside the U.S. account for 60% of the global demand for critical minerals. Scott Bessent stated that the central theme of the day would be “urgency” and explained that they needed to move more quickly.
The official told a news outlet that he had been pushing for an independent meeting to address the issue since the G7 summit in Canada back in June. During the summit, Bessent delivered a presentation on rare earth minerals to heads of state from other countries, including Japan, Canada, Germany, France, Italy, the UK, the EU, and the U.S.
During the summit, the leaders agreed to take action and secure their supply chains to boost their economies. However, Bessent is not satisfied with the progress made so far and has become increasingly frustrated with the lack of urgency from the heads of state. According to the U.S. official, Japan is the only country that has taken action on the matter after China suspended critical mineral supplies to its jurisdiction back in 2010. However, the Asian country still heavily depends on China.
Cryptopolitan recently reported that China has cautioned Japan that it might cut off its supply of rare minerals following comments made by the Japanese Prime Minister about Taiwan. According to the report, Japan still relied on China for 60% of its rare minerals supply. According to the official, G7 member states still heavily rely on China for rare earth minerals.
China has threatened to impose strict export controls on its critical minerals. The Chinese Ministry of Commerce announced the implementation of the strictest controls on rare earth metals on October 9, 2021, which included permanent magnet exports. These minerals are crucial for the development of defense technologies, including jets, submarines, missiles, radar systems, and unmanned aerial vehicles.
China dominates the critical mining sector, according to the IEA
The International Energy Agency (IEA) reports that China commands 70% of global rare earths in 19 out of 20 important strategic minerals. Besides military equipment, minerals are vital components of semiconductors and batteries.
The secretary declined to disclose more information about what would be discussed in the meeting, but he urged that no specific joint action is likely to be taken. “We’re ready to move with those who feel a similar level of urgency … and others can join as they realize how serious this is,” said Scott Bessent.
In October 2025, U.S. President Donald Trump and Australia’s Prime Minister Anthony Albanese signed an agreement to pursue critical mineral investments in Australia amid ongoing efforts by the U.S. and its allies to reduce China’s global dominance in the rare earth mineral supply chain. The two governments pledged to invest $1 billion in the next six months into mining and processing projects.
The investment has been highly advocated by Western miners who pushed for higher prices in July 2024 to fend off Chinese rivals. A separate statement issued by the White House added that the investment will target $53 billion worth of minerals. Still, it did not disclose what type of minerals the investment targets or the location of the investment.
After the agreement, the U.S. Export-Import Bank announced letters of interest worth more than $2 billion channeled towards mineral projects in Australia. The bank stated that the projects will focus on critical minerals essential for developing defense systems and next-generation industrial technologies.
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