G7 Limits China's Rare Metal Dependence by 2030
The G7 countries have agreed to limit their dependence on a single supplier for critical minerals to 60% by 2030, aiming to reduce China's influence over rare earth mineral supplies. The agreement includes imposing mandatory quotas on companies, strengthening recycling efforts, and developing alternative mining projects, especially given China's significant dominance in the critical minerals market, particularly after it imposed export restrictions last year. This move seeks to diversify supply sources and lessen the risks associated with a monopoly on supply from China.
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