G7 finance ministers highlight need for reliable critical mineral supply

(MENAFN) Canada, as chair of the G7, along with allied countries, emphasized the importance of stable, responsible, and sustainable production and supply of critical minerals during a virtual meeting of finance ministers on Monday.

The session, chaired by Canada’s Finance Minister François-Philippe Champagne, included representatives from Australia, Chile, India, Mexico, and South Korea. Canada invited participating nations to recognize the strategic role these countries play in global critical mineral supply chains.

The ministers reviewed progress under the G7 Critical Minerals Action Plan, first adopted at the June leaders’ meeting in Kananaskis, Alberta. The plan seeks to advance global supply chains that uphold transparency, diversification, security, sustainable mining practices, trust, and reliability.

Concerns were raised over the use of non-market policies, such as export controls, which could disrupt supply chains, cause price volatility, and slow global economic growth.

The G7 reaffirmed unwavering support for Ukraine and welcomed a new staff-level agreement between the IMF and Ukraine, emphasizing that Ukraine will remain a priority as France assumes the G7 presidency in January.

This meeting underscores the G7’s focus on strategic minerals, economic stability, and geopolitical resilience.

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