The U.S., Japan, Australia and India launched a joint framework Tuesday aiming to counter China’s control of global mineral markets and vowed to mobilize up to $20 billion in government and private sector financing to back the effort.
The countries launched the effort, dubbed the Quad Critical Minerals Initiative, and agreed to marshal billions of dollars for mining, processing and recycling projects across the globe.
The framework will “guide each of us to leverage economic policy tools and coordinate investment to strengthen critical mineral supply chains, including in mining and processing and in critical minerals recycling,” Secretary of State Marco Rubio said during a meeting of the “Quad” nations on Tuesday in India.
It comes as the Trump administration looks to boost its partnerships with allied nations on critical minerals through a combination of bilateral agreements and multilateral initiatives.
