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The leaders of the Group of Seven countries have provisionally agreed to work together to rapidly develop global supply chains for critical minerals in an effort to reduce their reliance on China for key industrial inputs.
The G7 countries will establish an “action plan,” with the aim of setting standards for critical minerals markets and providing funding for new mines and downstream processing facilities, according to a draft document seen by The Globe and Mail.
Critical minerals are high on the agenda for the G7 summit in Kananaskis, Alta., and the importance of securing supply is something all the attendees agree on – even as they quarrel over trade and tariffs. The document has not been formally signed by the leaders. Critical minerals, which include lithium, cobalt, nickel and rare earth elements, are used in a wide range of advanced technologies, ranging from electric vehicles to smartphones to military hardware.
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