US Convenes Critical Minerals Ministerial to Create Supply Chain Alliance Outside of China
On 4 February 2026, the USA convened the first Critical Minerals Ministerial in Washington, DC, in a bid to create a global supply chain (#GSC) bloc that is independent of China. China controls 60% of the extraction, 90% of the refining, and nearly 100% of the supermagnet manufacturing used in strategic industries such as aerospace, electric vehicles, robotics, and semiconductors.
The Critical Minerals Ministerial is an enlarged meeting compared to a similar platform by the #G7. In addition to the G7 countries, India, Singapore, New Zealand, and other like-minded countries looking to reduce over-reliance on a single source were invited.
US VP James Vance delivered the welcome address to the opening plenary with ministers and high-level delegates from 50 countries at the Department of State, next to the White House. Then, State Secretary Marco Rubio took over chairing the proceedings.
On the previous day, US President Trump set the tone for the meeting by announcing ‘Project Vault’, which is a strategic stockpile of Critical Minerals to buffer the US against ‘market manipulations.’ In order to realize this project, the US EXIM Bank is providing USD 10 billion, while the private sector is contributing USD 2 billion, for a total of USD 12 billion.
Another initiative is the creation of a Free Trade Zone (FTZ) of Critical Minerals, which is outside the control of China. Within the #FTZ, the prices will be set at fair market value. More importantly, the FTZ will provide the long-term certainty and visibility needed for mining projects with a long cycle. The US proposed price flooring as a measure to guard against aggressive competition and hostile takeovers.
The Ministerial launched the Forum on Resource, Geostrategic Engagement (FORGE). #FORGE will serve as an important vehicle to promote supply chain diversification and ensure policy coordination on Critical Minerals, including #RareEarths.