Finance ministers from the Group of Seven (G7) nations are scheduled to meet in Washington on 12 January to discuss the security of rare earths and other critical mineral supplies, according to sources familiar with the plans.
The discussions are expected to include the possible introduction of price floors for rare earths, a measure aimed at encouraging investment in supply chains outside China. Officials have been exploring the idea since last year as part of broader efforts to reduce dependence on a single supplier.
Most G7 countries, with the exception of Japan, rely heavily or almost entirely on China for materials such as rare earth magnets and battery metals.
In June last year, the bloc agreed on an action plan designed to strengthen supply chains and support economic resilience.
Price guarantees are seen as a way to make mining and processing projects in alternative locations more commercially viable. The United States took an early step in this direction last year by including a minimum price clause in a contract for domestic rare earths production.
A spokesperson for the U.S. Treasury did not immediately comment on the planned meeting.
