Ministers Tackle Rare-Earth Supply

Ministers Tackle Rare-Earth Supply
Reuters

Finance ministers from the G7 and partner nations met in Washington on Monday to discuss a potential price floor for strategic rare-earth metals and ways to secure their supply. Representatives from Australia, Mexico, South Korea and India also attended the talks.

German Finance Minister Lars Klingbeil said discussions had only just begun, but the issue is expected to be a key topic under France’s G7 presidency this year. He added that price floors could help stabilise the market and limit the influence of countries that might try to manipulate prices.

“This is not about working against anyone, but about strengthening cooperation among partners,” Klingbeil said. He noted that China has yet to respond to the meeting, while emphasising that Germany’s strategy towards China is focused on de-risking rather than decoupling.

Klingbeil also cautioned that countries need to carefully consider the potential consequences of implementing price floors in the coming years. “The discussion has now begun and we want to bring it to a quick conclusion,” he said.

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