Japan-France-Canada "Huddle for Warmth" Explore Ways to Reduce Dependence on Chinese Rare Earths
According to a report from Reuters (Japanese edition) on March 9: Japan, France, and Canada are urgently seeking alternative solutions for critical minerals based on the US-led G7, in an effort to secure key mineral resources and reduce reliance on China.
Options include import adjustments for specific rare earths, subsidies for mining companies to diversify key mineral supply chains, and a G7 "Buyers' Club" initiative proposed by Canada, aimed at establishing a reliable supply network of key minerals outside of China, breaking China's monopoly.
In February this year, US Vice President Pence proposed that allies establish a "trade zone" for critical minerals.
During a break at a mining conference in Toronto, Hirota Hideki from the Ministry of Economy, Trade and Industry said: "One way to build a diversified rare earth supply chain is to subsidize mining projects in the Western Hemisphere so they can compete commercially with China."
The Japanese government has asked manufacturers to sign commercial contracts with allies such as France, Australia, and Canada for jointly funded rare earth projects.
Benjamin Galloz, a cross-departmental representative for strategic mineral and metal supply in France, stated: "The US proposal is one way to diversify, but there are other approaches." He said: "It not only needs to be built and discussed within the G7, but also expanded to more countries."
On March 3, Canada's Minister of Natural Resources, Hodge, stated that the best way to solve the monopoly on critical mineral supply is not to set a minimum price, but to establish production alliances or a "buyers' club."
Original article: toutiao.com/article/1859138333568010/
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