G7 leaders agree on strategy to protect critical mineral supply, draft document says

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"G7 Leaders Formulate Strategy to Secure Critical Mineral Supply Chains"

G7 leaders agree on strategy to protect critical mineral supply, draft document says analysis cover image CNN 7.9
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Original Article Source: https://edition.cnn.com/2025/06/16/business/g7-strategy-critical-minerals-hnk-intl
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TruthLens AI Summary

On Monday, leaders from the Group of Seven (G7) nations reached a provisional agreement on a strategy aimed at safeguarding the supply of critical minerals essential for various industries, including automotive, technology, and defense. According to a draft statement reviewed by Reuters, the leaders emphasized the need for mineral markets to accurately reflect the true costs associated with responsible extraction, processing, and trade. This agreement comes in the wake of China's recent restrictions on the export of critical minerals and magnets, which have caused significant disruptions in supply chains globally. The draft statement indicated that while President Donald Trump has yet to approve the document, it outlines crucial concerns regarding the leverage that China holds over the rare earth minerals market, which are vital for U.S. economic interests.

The draft also highlights the threats posed by non-market policies and practices in the critical minerals sector, which could hinder the G7 nations' access to essential resources. In response to these challenges, the G7 leaders expressed a commitment to collaborate not only among themselves but also with partners beyond their group to enhance the resilience of their critical minerals supply chains. Key strategies include anticipating potential shortages, coordinating responses to market disruptions, and diversifying the sources of mining, processing, manufacturing, and recycling of these minerals. This proactive approach underscores the importance of securing a stable supply of critical minerals to bolster economic and national security amid rising geopolitical tensions and market uncertainties.

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Source URL: https://edition.cnn.com/2025/06/16/business/g7-strategy-critical-minerals-hnk-intl

Group of Seven leaders provisionally agreed Monday 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.

China’s decision in April tolimit exportsof a wide range of critical minerals and magnets disrupted supplies needed by automakers, computer chip manufacturers and military contractors around the world.

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. “Recognizing 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 G7 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.

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Source: CNN