Together, the grouping accounts for 60% of global demand for critical minerals. Aside from Japan, which took action after China abruptly cut off its critical minerals supplies in 2010, G7 members remain heavily dependent on critical minerals from China, which has threatened to impose strict export controls. China dominates the critical minerals supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite and rare earths, according to the International Energy Agency. The U.S. signed an agreement with Australia in October aimed at countering China's dominance in critical minerals that includes an $8.5 billion project pipeline. The deal leverages Australia's proposed strategic reserve, which will supply metals like rare earths and lithium that are vulnerable to disruption.

Source: The Edge Markets January 11, 2026 16:29 UTC