G7 says it's 'serious' about confronting China's critical mineral dominance

TORONTO, Canada, Nov 1 (AFP): The G7 announced two dozen new projects Friday aimed at reducing China's dominance of critical mineral supply chains, as Canada's energy minister vowed the alliance was "serious" about reforming the global market.

The deals, announced as Group of Seven energy ministers concluded a meeting in Toronto, involve a range of metals essential to high-tech products, including the rare earth materials where China has built outsized control.

The initial steps taken by the newly launched G7 Critical Minerals Production Alliance "sends the world a very clear message," Canada's Energy Minister Tim Hodgson told reporters.

"We are serious about reducing market concentration and dependencies," he said, referencing China.

Ministers from Britain, Canada, France, Germany, Italy, Japan, and the United States met in Toronto after US President Donald Trump and China's President Xi Jinping reached a deal that will see Beijing suspend certain rare earth export restrictions for at least one year.