US, UK, EU and allies to meet in Washington on critical minerals

Ministers from the US, EU, UK, Japan, Australia and New Zealand will meet in Washington this week to discuss a strategic alliance over critical minerals. The summit is the second on the matter within a month and involves about 20 countries, including the G7 members, India, South Korea, Mexico, Australia, New Zealand and possibly Argentina.

The meeting is being seen as a step to repair transatlantic ties fractured by a year of conflict with Donald Trump and to pave the way for other alliances to help countries de-risk from China, including one centred on steel. Australia said on Friday it would establish an A$1.2bn (£610m) strategic reserve of minerals it believes are vulnerable to supply disruption from China, which last April restricted exports on rare earths in response to Trump’s "liberation day" tariffs.

One area of discussion will be calls for the US to guarantee a minimum price for critical minerals and rare earths. A report this week that Washington has decided against the idea sent shares down in Australia, which has been positioning itself as a critical minerals alternative to China and has moved to stockpile elements such as antimony and gallium.

Canberra’s resources minister, Madeleine King, said a US decision not to offer minimum pricing "won’t stop Australia from pursuing our critical minerals reserve programme".

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