G7 Meet in Chicago to Strategize on Critical Minerals Supply Chain
From 9 to 10 September 2025, G7 countries met in Chicago to discuss how to diversify and secure the supply of #CriticalMinerals. As a key player in this field and a Western ally, Australia also attended the meeting. The meeting in Chicago was a technical meeting following the G7 Critical Minerals Action Plan which was initiated at the G7 Leaders’ Summit in Canada in June 2025.
Several issues were debated one how to chip away at the dominating position of China over Critical Minerals, including Rare Earth Elements (#REE). It is to be recalled that as Trump deployed its tariffs tactics, China retaliated by imposing export controls over #CriticalMinerals and #RareEarths, which are essential to defense, electronics, and future industries such as #AI and #EV.
Several measures were put forward and discussed with an eye on synergies. Firstly, the G7 explored how to prevent Chinese companies from acquiring more Critical Minerals mines. Secondly, the G7 discussed how to find and develop alternative sources in order to reduce the dependence on a single supply source. The G7 also encourage local production and processing where it is feasible by introducing tariffs, price floors, or other incentive or protective measures. Additionally, the EU and US have been stepping efforts in recycling Critical Minerals.
In March 2025, US President Trump issued Executive Order 14241 regarding Immediate Measures to Increase Mineral Production. Not one to beat around the bush, Trump even floated the idea of annexing Canada and Greenland to secure access to Critical Minerals. He also tried to strike a mineral deal with Ukrainian President Zelensky as part of a peace plan. The previous Biden Administration also initiated the Minerals Security Partnership (#MSP) as early as 2022.
In June 2025, EU Commissioner for Industry even floated the idea of constituting a common stockpile of Critical Minerals in a manner similar to oil and gas. As one of the friendly countries with substantial reserves of Critical Minerals, Australia is willing to provide an alternative source and invite investment from other G7 countries to mine Critical Minerals. The EU and G7 are also considering to join hands to develop or procure Critical Minerals in order to achieve the necessary firepower.
“Securing our supply of critical minerals is vital for our industrial strategy… We are working closely with UK industry to draft a new Critical Minerals Strategy soon that will reinforce our supply chains for the long term.”
UK Government Spokesperson
In July 2025, Australia and UK held a ministerial-level meeting and issued a joint statement. According to the statement, the United Kingdom Export Finance (UKEF) has set aside GBP 5 billion ($6.7B) for securing its supply of Critical Minerals and would be interested in setting up a Critical Minerals Strategic Reserve. On the Australian side, the Federal government has allocated AUD 1.2 billion ($793M) to fund the implementation of the said strategic reserve.