The G7 pledged to reduce China’s dominance in rare earth elements to 60% of imports by 2030, aiming to diversify supply chains for electric vehicles, electronics and defense tech. China’s new export restrictions, including mandatory approvals for rare earth shipments and licensing for foreign firms, have triggered global concerns over supply chain disruptions. The G7 strategy combines domestic mining expansion, recycling initiatives and industry quotas to counter China’s 70%-99% control over refining processes for critical minerals like cobalt and gallium. Challenges include high costs, regulatory hurdles and environmental issues in mining, with experts warning that China’s refining monopoly may limit…
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