G7 Forms New Plan to Cut China’s Control Over Key Minerals

The group of seven leading industrial countries has just announced a fresh strategy to reduce their reliance on China for the metals and minerals that power cars, batteries and defence gear. At a recent summit in Evian, France, the leaders signed a statement that calls for joint action with other friendly nations to build their own processing plants and supply chains for these critical resources. The declaration does not name China directly, but it clearly points out the danger of depending on a single country for essential materials. It warns that China’s use of export limits and other pressure tactics can threaten global economic safety. The G7 vows to work together with partners so that any attempt to weaponise these dependencies will fail. Part of the plan includes keeping strategic stocks in industrial and public use, as well as sharing warning signs about supply shocks or price spikes with like‑minded countries. How this new alliance will tackle China’s dominance from mining to refining remains to be seen, but the intent is clear.China already controls most of the world’s refining for 19 out of 20 key minerals, with an average share near 70 %. Rare earths are especially concentrated: China mines about 59 % of the world’s supply, refines 91 %, and makes nearly all (94 %) of the permanent magnets that drive electric cars, wind turbines and advanced electronics. The United States is proposing a price‑floor system to protect the market from Chinese manipulation, arguing that China’s rules let Beijing set prices that benefit its own interests. A recent bipartisan report described a long‑term plan by China to keep control over these minerals for strategic reasons, not market fairness. The G7 and its allies still face challenges, especially in funding new projects, to break free from China’s stronghold on critical minerals.