On January 13, 2026, the United States Treasury Secretary Scott Bessent convened a meeting in Washington, D.C. on Monday, January 12 to discuss how to ensure the security and diversification of critical mineral supply chains in order to counter China’s dominant role in the rare earth elements supply chain.
The ministerial-level meeting brought together key allies including Australia, Canada, the European Union, France, Germany, India, Italy, Japan, Mexico, South Korea, and the United Kingdom. The combined demand for critical minerals of these countries accounts for 60% of the global total.
Secretary Bessent emphasized during the meeting that the current supply chains are highly concentrated, making them vulnerable to market manipulation or disruptions.
He expressed optimism about countries prioritizing “risk mitigation over decoupling” and believes that countries fully understand the need to address the current deficiencies in critical mineral supply chains.
Bessent urged allies to strengthen resilience and thanked countries for their willingness to cooperate in seeking long-term solutions.
This comes at a time when global concerns about the security of critical mineral supplies are on the rise. According to the International Energy Agency’s 2025 World Energy Outlook report, China supplies approximately 90% of refined rare earth magnets and 94% of permanent magnets globally.
The Chinese Communist Party has also repeatedly used critical minerals as a leverage in geopolitical situations, threatening the stability of supply chains. For example, Chinese authorities recently restricted the export of certain key minerals that can be used for military purposes to Japan.
In order to enhance its independent supply capabilities, the U.S. government has initiated several specific strategic investment plans.
On Monday, the Atlantic Aluminum Company (ATALCO) announced that the Pentagon invested $150 million in the company to ensure the supply of “gallium” elements needed for manufacturing radar and missile tracking systems.
Such actions are also strongly supported by the Trump administration’s “One Big Beautiful Bill Act,” which allocates $7.5 billion for critical minerals, including $2 billion for bolstering strategic defense reserves.
Furthermore, important allies of the United States are also actively responding to this trend.
On Monday, the Australian government announced an investment of 1.2 billion Australian dollars (approximately 8.01 billion U.S. dollars) to establish a strategic reserve for critical minerals, primarily stabilizing the supply of antimony, gallium, and rare earth elements.
Antimony has widespread uses, including strengthening bullets, producing missile guidance systems, and night vision devices. Gallium is also an important material for military equipment, widely used in advanced radar systems. Both minerals are crucial for renewable energy and consumer technology, while rare earth elements are essential materials for manufacturing high-performance permanent magnets.
Australian Treasurer Jim Chalmers stated, “Ensuring we have reliable reserves of these critical resources will strengthen the supply chain and help stabilize the critical mineral market.”