Finance ministers from the Group of Seven (G7) nations, the United States, the United Kingdom, Japan, France, Germany, Italy, and Canada have reached an agreement to accelerate efforts to reduce dependency on Beijing for key raw materials such as rare earth elements. The decision, revealed following a high-level meeting in Washington, D.C., marks a significant coordination of economic and strategic policies among allied nations and emerging partners.
Hosted by U.S. Treasury Secretary Scott Bessent, the ministerial meeting convened top financial officials not only from the G7 but also from key strategic countries, including Australia, India, Mexico, and South Korea. The talks focused on diversifying and securing critical mineral supply chains for defense technologies, semiconductors, electric vehicles, batteries, and clean energy applications.
Japanese Finance Minister Satsuki Katayama, speaking at the conclusion of the January 13 meeting, stated that the bloc had agreed to “explore policy measures to establish new supply chains for critical minerals” and would act with urgency to reduce current structural overreliance on China. The announcement comes amid reports that Beijing has recently imposed new export restrictions targeting Japanese companies, particularly on rare earth materials and magnetic components vital to high-tech industries.
China currently controls between 47% and 87% of the global refining capacity for critical minerals, according to the International Energy Agency (IEA), giving it a strategic advantage in the future of global green energy and technological competition. These recent restrictions have prompted mounting concern among Western and Asian allies.
In parallel diplomatic efforts, U.S. Secretary of State Marco Rubio will host the first Critical Minerals Ministerial on February 4 at the State Department. This forum aims to bolster multilateral cooperation and attract investment into alternative supply chains for rare earths and other minerals. External Affairs Minister S. Jaishankar of India is expected to attend the ministerial meeting following productive discussions with Secretary Rubio on civil nuclear collaboration and bilateral trade.
The invitation list for the ministerial reflects a growing coalition of mineral-rich and industrial nations, spanning G7 members and emerging powers in Asia and Africa. Countries confirmed to attend include India, South Korea, Australia, and African nations such as the Democratic Republic of the Congo (DRC), Guinea, and Kenya. The DRC, in particular, is expected to be represented at the highest levels, with President Félix Tshisekedi attending alongside his mining minister.
The U.S. State Department emphasized that “strengthening critical mineral supply chains with our international partners is vital to America’s economic and national security, technological leadership, and a resilient energy future.”
The ministerial will coincide with the National Prayer Breakfast in Washington, providing diplomatic leaders with another forum for informal talks and deal-making.
Africa’s significant mineral wealth is emerging as a focal point of this new alignment. With Guinea recently launching commercial operations at its massive Simandou iron ore mine and the Democratic Republic of Congo offering investors asset lists featuring cobalt, lithium, manganese, and gold, the continent is being actively courted by Washington and its allies.
Former U.S. Special Envoy J. Peter Pham, now chairing U.S. mining company Ivanhoe Atlantic, underscored that “African countries will get out of the Critical Minerals Ministerial exactly what they put into it.” He emphasized that reliable partners offering tangible projects will be prioritized for cooperation.
Guinea, which recently shipped its first iron ore to China, is now positioning its mineral assets for Western investment. Likewise, Kenya, which discovered gold reserves valued at over $5 billion, is expected to attract interest from global mining firms at the ministerial.
Australia is already reaping the benefits of its critical minerals positioning, having signed an $8.5 billion agreement with the U.S. in October 2025. This includes building a strategic reserve of crucial materials such as lithium and rare earths, and Canberra has since drawn interest from Japan, South Korea, and the European Union.
South Korea, currently chairing the U.S.-led Mineral Security Partnership (MSP), is also playing a prominent role. Deputy Prime Minister Koo Yun-cheol attended the G7 finance meeting in Washington earlier this month, highlighting South Korea’s expertise in refining and recycling key materials, a vital element for closed-loop mineral supply chains.
As disruptions to the global minerals trade persist due to geopolitical tensions and export controls, the stakes for building resilient supply chains have never been higher. With key stakeholders gathering in Washington over the coming weeks, the international community has a unique opportunity to translate political will into strategic partnerships that can reshape the global landscape of critical mineral sourcing.
The coming months will determine whether this collective momentum can be transformed into actionable agreements, investments, and infrastructure builds capable of reducing current dependencies and securing the economic foundations of the 21st century.