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G7 Seeks to Break Reliance on China for Rare Earths

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The Group of Seven countries is taking steps to counter its reliance on China for critical rare earths.

"[W]e aim to significantly reduce our dependencies on a single supplier outside the G7 and partner countries for rare earths and permanent magnets to under 60% by 2030 and continuing to decrease further over time, with an ambition to reach 50% as soon as possible," according to a Wednesday statement.

The G7 said it will pursue close cooperation to strengthen the entire value chain, using demand aggregation and combined public-private financial capacity to accelerate coordinated projects in mining, processing, and recycling.

In 2024, China accounted for 60% of global mined production of magnet rare earths and represented 91% of global refined output, according to the International Energy Agency.

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