New Delhi: The world is in a high-stakes race for critical minerals — essential elements powering electric vehicles, smartphones, semiconductors, renewable energy, defence systems, and aerospace technologies.
Amid growing concerns over China’s overwhelming dominance in mining (around 60%) and processing (up to 90%), more than 50 countries, led by the United States and including India, have united to challenge this monopoly and build resilient, alternative supply chains.
According to reports, the inaugural Critical Minerals Ministerial convened in Washington on February 4, drawing foreign ministers and representatives from nations like the UK, Japan, France, Germany, Italy, Canada, South Korea, Mexico, Australia, New Zealand, Argentina, and India — where External Affairs Minister S Jaishankar represented New Delhi. US Vice President JD Vance proposed a preferential trade bloc with coordinated price floors, stockpiles, and alliances to guarantee access for allies while countering Beijing’s leverage, which has included past export restrictions.
China’s control extends to rare earth magnets vital for stealth technology and advanced weaponry, raising fears of supply disruptions amid geopolitical tensions. The push aims to diversify sources, with Africa — holding vast reserves of cobalt (55%), manganese (47.7%), and graphite (21.6%) in countries like Congo, South Africa, and Zambia — invited to join future talks.
The next ministerial is slated for Mumbai this month, signalling India’s rising role in this strategic arena. Experts view these efforts as a response to Beijing’s use of export controls as economic tools, with demand for these minerals projected to surge dramatically by 2050.
This emerging “front” underscores a broader shift towards secure, friend-shored supply chains in a technology-driven era.