finance
G7 Creates Critical Minerals Alliance to Diversify Supply Chains
Leaders pledged coordinated investment in processing capacity, stockpiles, and data sharing to reduce reliance on concentrated supply chains. The move targets China’s dominance in refining and magnet production.
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Leaders of the Group of Seven nations established a strategic alliance on critical minerals during their summit in Evian, France. ” G7 nations said they intend to stockpile critical minerals in industrial or public sectors and to share data and alerts on future market stress or supply and demand disruptions with members and like-minded countries. com.
The International Energy Agency reported that China dominates refining for 19 of the 20 minerals it analyzed, holding an average market share of around 70 percent. In the year prior to June 2026, China held a 59 percent share of rare earth mining, 91 percent in refining, and 94 percent in magnet manufacturing, the IEA said.
Two decades earlier, China accounted for around 50 percent of the production of sintered permanent magnets; as of June 2026 that figure reached 94 percent.
The United States is developing and pitching to allies a price floor mechanism to protect rare earths markets and mineral supply. U.S. Congress’ Select Committee on China issued a bipartisan investigation report in November that examined how Beijing manipulates critical minerals markets.
Com reported the article on June 20, 2026.
