G7 sets 60% cap on single-supplier critical minerals by 2030

Leaders of the Group of Seven nations have agreed on a coordinated strategy to reduce their collective dependence on China for critical minerals and rare earth elements, setting a target to source no more than 60 percent of these materials from any single external supplier by 2030. The agreement, finalized in a joint statement on Wednesday at the conclusion of a three-day summit in Evian, France, aims to secure supply chains deemed essential for defense, renewable energy, electric vehicles, and advanced technologies.

The plan outlines a two-pronged approach: first, to cap reliance on a dominant external supplier for rare earths and permanent magnets at 60 percent by the end of the decade, and second, to further reduce that dependence to 50 percent as soon as possible thereafter. While the communiqué did not name China, officials acknowledged the move is a direct response to Beijing’s dominance, which includes control over an estimated 70 percent of refining for most critical minerals and nearly all primary gallium production. China’s imposition of export controls on rare earths last year highlighted the vulnerability of global industries.

A central component of the strategy is...