Media: G7 finance ministers to discuss rare earth supplies in Washington

Finance ministers from the Group of Seven (G7) nations will meet in Washington on January 12 to discuss rare earth supplies, three sources familiar with the matter told Reuters.

One of the sources added that price floors for rare earths would be a point of discussion, along with other critical mineral topics.

G7 countries, except Japan, are heavily or exclusively reliant on China for a range of materials, from rare earth magnets to battery metals.

In June last year, the G7 agreed on an action plan aimed at securing their supply chains and boosting their economies.

Minerals Action Plan to strengthen the supply chains of strategic raw materials essential for clean energy, digital technologies and defence industries.

The plan recognises that critical minerals – such as rare earth elements, lithium, cobalt and graphite – are fundamental to future economic and national security, yet current supply chains are vulnerable to disruption and concentrated in a few regions. 

The Action Plan builds on earlier G7 frameworks and rests on three core priorities. First, it proposes to build standards‑based markets that reflect the real costs of responsible extraction, processing and trade, with strong environmental, labour and anti‑corruption safeguards.

A roadmap to implement these standards is to be developed by relevant ministers by the end of 2025. 

Second, the G7 will mobilise capital and partnerships to unlock investment in new mining, refining and recycling projects, including cooperation with allied countries and industry. Third, it seeks to promote innovation in technologies for processing, recycling and substitution of critical minerals.

By Aghakazim Guliyev