Bessent says Australia, India invited to G7 meeting on critical minerals

Group 1 - The U.S. Treasury Secretary Scott Bessent is hosting a meeting of G7 finance ministers in Washington to discuss critical minerals, with Australia and other countries participating [1][2] - The G7, which includes the U.S., U.K., Japan, France, Germany, Italy, Canada, and the EU, is heavily reliant on rare earth supplies from China and has previously agreed on an action plan to secure supply chains [3] - Australia has signed an agreement with the U.S. to counter China's dominance in critical minerals, involving an $8.5 billion project pipeline and a proposed strategic reserve for metals like rare earths and lithium [4] Group 2 - China currently dominates the critical minerals supply chain, refining between 47% and 87% of various minerals essential for defense technologies, semiconductors, and renewable energy components [5] - Recent reports indicate that China has begun restricting exports of rare earths to Japan, highlighting the ongoing tensions and the need for Western countries to reduce dependence on Chinese critical minerals [6]