Savage, Minnesota, January 9, 2026 – U.S. Treasury Secretary Scott Bessent announced that Australia, India, and several other countries have been invited to join a Group of Seven (G7) finance ministers meeting in Washington this Monday to discuss critical minerals supply chains.
The meeting follows ongoing global concerns about dependence on China-dominated critical minerals, which are essential for defense, semiconductors, renewable energy, and battery technologies.
Background: G7 and Critical Minerals
The G7 includes the United States, Britain, Japan, France, Germany, Italy, and Canada, along with the European Union. Many member countries rely heavily on imports of rare earths and other critical minerals from China.
At the G7 leaders’ summit in June 2025, member states agreed on an action plan to secure supply chains, strengthen economic resilience, and reduce dependence on foreign sources of vital materials.
Bessent has been advocating for a dedicated meeting on critical minerals since the summit and noted that the finance ministers held a virtual session in December 2025 to discuss preliminary coordination.
Australia’s Role
Australia has already partnered with the U.S. through an $8.5 billion critical minerals agreement signed in October 2025. The deal aims to:
- Counter China’s dominance in rare earths and lithium production
- Develop a strategic mineral reserve for metals essential to renewable energy, defense, and technology
- Foster investment in infrastructure and mining projects to secure supply chains
Canberra has also received interest from Europe, Japan, South Korea, and Singapore in expanding mineral collaboration.
India’s Invitation
India was formally invited to attend the Washington meeting, though Bessent stated he was unsure whether India had accepted. The inclusion of non-G7 countries like India and Australia underscores the global nature of critical mineral security and the need for international cooperation beyond traditional G7 members.
Strategic Importance of Critical Minerals
China dominates global production and refining of key minerals, controlling between 47% and 87% of copper, lithium, cobalt, graphite, and rare earths, according to the International Energy Agency.
These minerals are crucial for:
- Defense technologies
- Semiconductors and electronics
- Renewable energy components
- Battery manufacturing
- Advanced refining processes
Western nations have sought to reduce reliance on China due to export restrictions, including recent moves by Beijing to limit rare earth exports to Japanese companies and restrict dual-use items to the Japanese military.
Bessent noted that despite these tensions, China continues to meet its commitments to purchase U.S. soybeans and supply critical minerals to U.S. firms.
Meeting Goals
Monday’s Washington meeting aims to:
- Strengthen global critical minerals supply chains
- Explore partnerships with Australia, India, and other nations
- Reduce vulnerability to Chinese export restrictions
- Support investment in renewable energy, defense, and high-tech industries
The discussion is expected to include coordination on mineral reserves, refining capacity, and international trade agreements to ensure a secure and stable supply of critical minerals for G7 economies and key allies.
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