British News Agency

According to sources familiar with the issue, the finance ministers of the G7 countries will meet on January 12 in Washington to discuss the supply of rare earth elements. Among the topics to be discussed are the price floors for rare earth elements, in addition to other critical mineral issues.

Experts evaluating the meeting point out that all G7 countries, except Japan, are largely or entirely dependent on China for a range of materials such as rare earth magnets and battery metals. In June of last year, the G7 agreed on an action plan to secure supply chains and stimulate their economies.

Officials began discussing price floors last year to make investments in critical minerals outside China economically viable. The United States became the first country last year to set a minimum price in a domestic rare earth element supply contract.