G7 Finance Ministers to Meet in Washington on Critical Minerals Supply Chains

U.S. Treasury Secretary Scott Bessent has announced that Australia and several other countries will participate in a meeting of finance ministers from the Group of Seven (G7) advanced economies in Washington on Monday, with a key focus on critical minerals. The meeting underscores growing global concern over supply chain security, resource access, and economic resilience related to minerals essential for clean energy, defense, and advanced manufacturing.

Speaking to Reuters, Bessent said he has been advocating for a dedicated discussion on critical minerals since the G7 leaders’ summit held last summer. His push reflects increasing awareness among major economies that dependence on limited suppliers for minerals such as lithium, cobalt, nickel, and rare earth elements poses strategic and economic risks. These materials are vital for electric vehicles, renewable energy technologies, semiconductors, and other high-tech industries driving future growth.

According to Bessent, G7 finance ministers already held a virtual meeting on the topic in December, signaling momentum toward more coordinated international action. The upcoming in-person meeting aims to deepen cooperation among allies and partners, explore ways to strengthen supply chains, and reduce vulnerabilities linked to geopolitical tensions and market concentration.

In addition to Australia, India has also been invited to attend the meeting. Bessent noted, however, that he was not yet certain whether India had accepted the invitation. India’s potential participation would be significant, given its growing role in global manufacturing, technology development, and resource diplomacy. It remains unclear which other countries outside the G7 have been asked to join the discussions.

Bessent shared these remarks during an interview with Reuters following a visit to the Minneapolis-area engineering laboratory of Winnebago Industries, a U.S. manufacturer of recreational vehicles and boats. His tour highlighted the broader connection between industrial production, innovation, and access to reliable supplies of critical raw materials.

The meeting comes at a time when governments worldwide are prioritizing critical minerals strategies to support energy transitions, strengthen national security, and ensure long-term economic competitiveness. Outcomes from the G7 finance ministers’ talks could shape future policies, partnerships, and investments aimed at securing sustainable and diversified critical minerals supply chains.