SAVAGE, Minnesota, Jan 10, 2026, 14:26 (CST)
- U.S. Treasury Secretary Scott Bessent said Australia and India were invited to join G7 finance ministers in Washington to discuss critical minerals.
- The talks come as G7 economies look to cut reliance on China for refining and processing of key metals, including rare earths.
- Australia’s October framework with the United States includes an $8.5 billion project pipeline and is linked to a proposed strategic minerals reserve.
The United States has invited Australia and India to join a G7 finance ministers meeting in Washington on Monday focused on critical minerals, U.S. Treasury Secretary Scott Bessent said. He said several other countries were also invited, without naming them. (Reuters)
Critical minerals are metals such as lithium and rare earths used in batteries, wind turbines, semiconductors and weapons. For the G7, they have become a live supply-chain risk as China keeps a tight hold on refining.
Japan has signalled it will take the issue to Washington after Beijing’s latest export moves. Finance Minister Satsuki Katayama said she was “very concerned” and warned that “using monopolistic positions through non‑market means as a strategic weapon is unacceptable.” China this week announced a ban on exports of dual-use items — goods that can have civilian and military uses — to the Japanese military, while the Wall Street Journal reported curbs on some rare earth shipments to Japanese companies. (Reuters)
Bessent said he had pressed for a stand-alone meeting on critical minerals since last summer’s G7 leaders summit. Finance ministers held a virtual session in December, he added.
Australia signed a framework agreement with the United States in October aimed at countering China’s dominance in critical minerals. It included an $8.5 billion project pipeline and leans on Australia’s proposed strategic reserve, a government stockpile meant to supply metals like rare earths and lithium that are vulnerable to disruption. Canberra has said the plan has drawn interest from Europe, Japan, South Korea and Singapore. (ABC)
China refines between 47% and 87% of copper, lithium, cobalt, graphite and rare earths, the International Energy Agency estimates. Those materials feed everything from renewable power equipment to defence technology.
The G7 — the United States, Britain, Japan, France, Germany, Italy and Canada, plus the European Union — agreed last June on an action plan to secure critical mineral supply chains. The Washington meeting puts finance ministries closer to decisions that can shape investment.
Bessent said he was unsure whether India had accepted the invitation. He spoke after touring the engineering lab of RV and boat maker Winnebago Industries near Minneapolis.
But shifting supply chains is slow, and new mines and processing plants can take years to permit and build. A strategic stockpile can also miss its mark if demand changes faster than governments can buy and deploy supplies.
Bessent said China was still meeting commitments to purchase U.S. soybeans and ship critical minerals to U.S. firms. The Washington meeting is set for Jan. 12.
