Eye on China, Quad to mobilise $20 billion for critical minerals deal

NEW DELHI: Quad partners will work to mobilise $20 billion in govt and private sector support through new and existing efforts to strengthen critical minerals supply chains, including in mining, processing and recycling, according to a joint statement issued after the foreign ministers' meeting.Looking to reduce reliance on China, which enjoys a near monopoly in critical minerals sector, the Quad foreign ministers announced a critical minerals initiative framework in a separate joint statement, a key takeaway from the meeting, as TOI had reported on Tuesday. "$20 billion is a number that the Quad partners felt comfortable with, kind of looking at what each Quad partner is actually doing in that particular domain," said MEA additional secretary Nagaraj Naidu, briefing reporters after the meeting. Without naming any country, Japanese foreign minister Toshimitsu Motegi said the meeting shared deep concern over export restrictions on critical minerals. "The Critical Minerals Initiative Framework launched today is a very important initiative from the perspective of strengthening the supply chain of critical minerals, and we will proceed with concrete cooperation,' he said. According to the joint statement, the funding will be used to identify projects with a Quad nexus, such as those located in Quad partner countries, operated by companies headquartered in Quad partner countries or supplying Quad markets, that address critical mineral supply chain gaps. "Through the Quad Critical Minerals Initiative, Quad partners intend to work together to use economic policy tools and coordinated investment to accelerate the development of diversified and fair critical mineral markets and support the supply of critical minerals that are crucial to our region's economic growth and security.

" According to Quad, the partner countries aim to improve overall environment for critical minerals' development, as appropriate and in accordance with their respective domestic laws.