Western governments have launched a new financing network aimed at enhancing collaboration on critical minerals, as part of the Minerals Security Partnership. This coalition, comprising 14 nations and the European Commission, seeks to reduce reliance on China for essential minerals like nickel, lithium, and manganese.
The initiative includes commitments to co-finance projects and share information to bolster the production of these vital resources, which are crucial for technologies ranging from electric vehicles to advanced defense systems. The announcement was made during the UN General Assembly, highlighting a strategic shift towards securing a stable supply chain for critical minerals.
Citations:
[1] https://www.miningmx.com/top-story/58413-kabanga-nickel-takes-centrestage-as-west-forms-minerals-coalition/
[2] https://www.defenseone.com/ideas/2024/05/west-needs-produce-more-rare-earths-heres-how-governments-can-help/397010/
[3] https://www.allens.com.au/insights-news/insights/2024/05/government-support-for-critical-minerals-industry-escalates/
[4] https://www.fastmarkets.com/insights/surging-exports-of-cheaper-chinese-steel-send-shockwaves-through-ferrous-markets/
[5] https://www.automotivelogistics.media/trade-and-customs/chinese-finished-vehicle-exports-to-russia-in-jeopardy/45782.article
[6] https://agmetalminer.com/2024/03/04/india-chinese-imports-steel-prices/
[7] https://www.globenewswire.com/news-release/2024/09/24/2952340/0/en/Vietnam-Passenger-Car-Tires-Export-Research-Report-2024-2033.html
[8] https://www.scmp.com/economy/global-economy/article/3279649/make-chinese-cars-russia-industry-group-urges-manufacturers-import-costs-mount