G7 Proposes Accelerating Large-Scale Investment in Critical Minerals

According to a report by Mining.com citing Bloomberg, in order to reduce external dependencies, G7 countries are planning to strengthen cooperation to expand the supply of critical minerals.

A draft document obtained by Bloomberg indicates that G7 leaders hope to reach a consensus on a statement during the Kananaskis meeting in Canada, which would outline an "action plan" to promote the diversification of critical metal supplies and encourage "large-scale investment as soon as possible" projects.

The document still requires revisions before it can be signed by G7 leaders.

"We share common concerns about national and economic security, and both rely on resilient supply chains for critical minerals based on market rules," the document states.

"Non-market policies and practices in the critical minerals sector threaten our ability to access critical minerals, including rare earth elements needed for magnets, which are of extreme importance to industrial production."

Since the US initiated the tariff war, Western countries have been increasingly concerned about the secure supply of critical minerals such as rare earths, gallium, germanium, graphite, and antimony.

"We recognize the need to cooperate in expanding responsible investment in critical mineral projects within the G7 and globally," the document proposes.

"There is an urgent need to expand investment to secure future supply chains and ensure that mining, beneficiation, and smelting projects address numerous obstacles, such as complex permitting and approval processes, market manipulation, and price fluctuations."

The statement also encourages multilateral development banks and private lenders to "provide more funding for eligible critical mineral projects, including innovative financing."

The G7 countries include the US, Canada, Japan, Germany, the UK, France, and Italy, with the EU maintaining close ties with them.