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A US-led meeting with its allies to reduce the global reliance on rare earths from China was an “easy sell”, even as analysts warn that such an ambitious goal would depend on their long-term investment commitments and ability to narrow differences over national policy.

On Monday, the US hosted a meeting in Washington with G7 finance ministers and other allies, including Australia, India, South Korea and the EU, to address vulnerabilities in the rare earth supply chain, as they close ranks against what they perceive as coercive Chinese control of the export of the critical minerals.

The agenda items included proposals to set price floors to make non-Chinese rare earth projects more viable and explore new partnerships for alternative supplies.

Prior to going into mining in unexplored part of the world:

1. We need immediate research and development to improve the existing technologies. Western world does not have a Rare Earth refining technology that can compete with Chinese technologies.

2. Build refineries in the existing mines with infrastructure using developed technologies.

3. Take the price control of the Rare Earth Elements by tariffs or other means until the local refineries optimize the refining processes and operating cost.

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Read more at: https://www.scmp.com/week-asia/economics/article/3340241/can-us-led-bloc-ease-chinas-vice-grip-rare-earths