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US gathers resource-rich nations to push minerals security pact

The Biden administration plans to use a gathering of resource-rich nations to spur new investment as part of its bid to shift the supply chain for rare-earths minerals away from China.

The Minerals Security Partnership between the US, EU, Japan and other wealthy nations is holding a ministerial meeting Thursday at the United Nations General Assembly with nations that possess minerals such as lithium, manganese and cobalt.

The developing nations taking part include Argentina, Brazil, Chile, the Democratic Republic of the Congo, Indonesia, Mongolia, Mozambique, Namibia, the Philippines, Tanzania and Zambia.

US Secretary of State Antony Blinken is set to chair the meeting.

“We created this to deal with a supply chain vulnerability that we’ve known has existed a long time,” Under Secretary of State Jose Fernandez said in an interview in New York.

“But the pandemic has taught us that these vulnerabilities need to be addressed and minimized and what we’re hoping to do is to galvanize investment, financing and other agreements.”

The critical mineral supply chain remains almost totally dominated by China, which controls most of the market for processing and refining minerals such as cobalt, lithium and other rare earths.

“It’s about providing options,” Fernandez said, when asked whether the partnership was a strategic initiative to counter Beijing.

“If we’re successful, the Chinese will also gain as well, and that will be to the benefit of producing countries.”

www.mining.com

US MINES act seeks to curb Russia, China grip on critical minerals

Republican congressman Ken Calvert (CA-42) this week introduced the Monitoring and Investigating Nations Exploiting States (MINES) Act to “hold China and Russia accountable for their efforts to monopolize critical mineral resources around the world, particularly in developing nations.”

According to the press release is an original cosponsor of the MINES Act which provides the US with “additional tools to assess the growing exploitation of critical minerals in small states by China and Russia.”

“Reliable access to critical minerals is essential to America’s economic and national security,” said Calvert:

“America must be clear-eyed about the Chinese and Russian aggression when it comes to consolidating critical mineral resources.”

“While the Biden administration locks up sustainable mining here in the U.S., our adversaries are wasting no time stepping into that void and controlling critical minerals around the globe.”



mining.com









Food for thought on the Road to Mining Makuutu

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Frank