Finance ministers from the Group of Seven (G7) nations are convening in Washington, D.C., on January 12th to address concerns surrounding rare earth supplies, according to three sources with knowledge of the meeting.

The closed-door discussions are expected to focus on strategies to secure stable and diversified sources of these critical minerals, which are essential for a range of technologies including electric vehicles, renewable energy systems, and defense applications. The meeting comes amid growing global competition for access to rare earths and heightened geopolitical tensions that could disrupt supply chains.

Rare earth elements are a group of 17 metallic elements – including scandium, yttrium, and lanthanum – that are not necessarily rare in terms of overall abundance, but are often difficult to mine and process. China currently dominates the global rare earth supply chain, controlling a significant portion of both mining and refining capacity. This dominance has raised concerns among G7 nations about potential vulnerabilities and dependence on a single supplier.

The G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, has been increasingly focused on strengthening supply chain resilience and reducing reliance on critical minerals from any single source. The Washington meeting represents a key opportunity for these nations to coordinate their efforts and explore potential solutions, such as investing in domestic mining and processing capabilities, diversifying supply sources, and promoting recycling and reuse of rare earth elements.

The sources, who spoke on condition of anonymity, indicated that the discussions are likely to be complex and involve a range of policy options. The outcome of the meeting could have significant implications for the global rare earth market and the broader technology landscape.