G7 to discuss rare earths in Washington

G7 finance ministers meet in Washington on 12 January to discuss securing supplies of rare earths and other critical raw materials.

According to sources familiar with the situation, the issue of setting minimum prices for these materials will also be on the agenda.

Most G7 countries - with the exception of Japan - are heavily dependent on supplies from China, which dominates the global market for rare metals and battery components.

The meeting follows an action plan adopted last June to strengthen supply chains and economic resilience of member states.

(reuters, mja)