G7 Summit Issues Declaration on Key Minerals to Counter China’s Market Dominance

The G7 leaders at the summit in Évian-les-Bains, France, released a “Declaration on Safeguarding Key Mineral Supply Chains,” pledging significant reductions in reliance on single foreign suppliers, seen as a move against China’s global dominance in rare earths and permanent magnets. The declaration aims to decrease the dependence on rare earths and permanent magnets from single suppliers outside the G7 and partner countries to below 60% by 2030 and further to 50% as soon as possible. Australia, as a G7 partner, also endorsed the declaration. While not directly naming China, the declaration addresses Beijing’s dominant position in global critical mineral…