"High on the agenda is the question of setting a minimum price for critical minerals something many countries are pushing for. However, the US is reported to be backing away from this suggestion. On Monday, US President Donald Trump announced the launch of a strategic minerals stockpile for the US called Project Vault. It will be funded by $2bn of private capital along with a $10bn loan from the US Export-Import Bank."
"The meeting is the first of the new Critical Minerals Ministerial, a US initiative to build alliances aimed at countering China's control over critical mineral supply chains around the world. The main meeting of representatives takes place on Wednesday. Currently, China controls most of the world's rare earth minerals, including metals that are necessary for the manufacture of many technological items, from smartphones to fighter jets."
"According to the US Department of State, the ministerial is being hosted by Secretary of State Marco Rubio and is taking place at the State Department building close to the White House. The US will host delegations from more than 50 countries, according to the State Department. This includes representatives from the Group of Seven countries — Canada, France, Germany, Italy, Japan, the United Kingdom and the US — as well as from the European Union, Australia and New Zealand."
Ministers from more than fifty countries are meeting in Washington, DC, at a US-hosted Critical Minerals Ministerial to diversify critical mineral supplies vital for defence and artificial intelligence. Delegates are weighing proposals including a minimum price for critical minerals, though the US appears to be retreating from that idea. President Donald Trump announced Project Vault, a strategic US minerals stockpile funded by $2bn of private capital and a $10bn Export-Import Bank loan. The initiative seeks to build alliances to counter China's dominance, as China holds 60% of rare earths and processes 90% of global supply, and includes G7, EU, Australian and New Zealand delegations.
Read at www.aljazeera.com
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