“WE HAVE TO BECOME ACTIVE”
The gathering’s participating countries and the EU account for 60 per cent of global demand for critical minerals. But China dominates the supply chain, refining between 47 per cent and 87 per cent of copper, lithium, cobalt, graphite and rare earths, according to the International Energy Agency.
The minerals are essential for defence technologies, semiconductors, renewable energy components, batteries and refining processes.
Last week, China banned exports of items destined for Japan’s military that have civilian and military uses, including some critical minerals.
German Finance Minister Lars Klingbeil said discussions at the meeting included a potential rare earths price floor and partnerships to boost supplies, but noted the talks had just begun with many unresolved issues.
He said rare earths and critical mineral supplies would be a central topic under the French presidency of the Group of Seven advanced economies this year.
However, he warned against an anti-China coalition, stressing that Europe needs to move faster on its own to develop supplies of important raw materials.
“What is very important to me is that we in Europe do not sit back,” Klingbeil said. “Neither complaining nor self-pity helps us, we have to become active.”
He added that the EU needed more financing at the bloc level, pointing to a new German raw materials fund.
The EU must also move forward urgently on recycling, Klingbeil said, citing its “big potential” for reducing dependencies and broadening supply.
South Korean Finance Minister Koo Yun-cheol said at the meeting that global value chains should be strengthened based on comparative advantage, emphasising the importance of recycling critical minerals for resilient supply chains, according to a statement from his ministry.
Koo also urged countries to pursue corporate projects-oriented cooperation, while Canada and Australia asked South Korea for technology collaboration, the ministry added.