In a significant move to tackle the escalating mineral supply crisis, U.S. Treasury Secretary Scott Bessent convened a high-level meeting on Monday with finance ministers from 11 countries, EU officials, and U.S. trade representatives. According to the assessment of specialists presented in the publication, the gathering comes amid rising concerns over China's dominance in the rare earths market and soaring silver prices.
Key Representatives Gathered
The meeting brought together key representatives from:
- Australia
- Canada
- the EU
- France
- Germany
- India
- Italy
- Japan
- Mexico
- South Korea
- the UK
Focus on Reducing Dependency on China
With China currently refining approximately 87% of the world's rare earths, the discussions focused on developing strategies to reduce dependency on Chinese supplies.
Urgency of the Situation
The urgency of the situation was highlighted by China's recent export bans on dual-use minerals, which have raised alarms among global leaders. Attendees emphasized the need for expedited action and the potential for new funding initiatives at the EU level to address these challenges effectively.
In light of the recent discussions on mineral supply challenges, World Liberty Financial has announced a phased approach to treasury deployment to enhance USD1 integration. For more details, see the full announcement here.
