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EU Turns to Brazil for Critical Minerals as Supply Chain Diversification Gains Pace

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The European Union is strengthening ties with Brazil as part of its strategy to secure critical mineral supplies and reduce dependence on dominant global producers. During a visit to a rare earth processing facility in Minas Gerais, EU officials highlighted Brazil’s importance as a key partner in building more resilient and diversified supply chains.

The proposed partnership focuses on supporting local processing and refining capabilities rather than simply exporting raw materials. The EU says the collaboration will help Brazil create jobs, attract investment, access advanced technologies and move further up the value chain in the rapidly growing critical minerals sector.

The initiative comes amid intense global competition for rare earths, lithium and other minerals essential for electric vehicles, renewable energy and defence industries. Officials said discussions are progressing on new agreements and investments, with both sides aiming to strengthen long-term cooperation while promoting sustainable development and industrial growth.

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G7 Summit Focuses on Iran and Ukraine as France Seeks Unity with Trump

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France is preparing to host the G7 Summit in Evian-les-Bains from June 15–17, with the conflicts in Iran and Ukraine expected to dominate discussions. French President Emmanuel Macron has crafted a carefully balanced agenda aimed at maintaining unity among G7 leaders and avoiding tensions with U.S. President Donald Trump. Leaders from Gulf nations, including Saudi Arabia, the UAE, Qatar, and Egypt, have also been invited due to their involvement in regional security and mediation efforts.

A key focus will be the fragile U.S.-Iran ceasefire and ongoing diplomatic efforts to prevent further escalation in the Middle East. Diplomats believe the atmosphere of the summit could depend heavily on whether Washington secures progress with Tehran before the meeting. At the same time, Ukrainian President Volodymyr Zelenskiy is expected to push for stronger Western support as negotiations with Russia remain stalled and Ukraine intensifies drone attacks on Russian military and energy targets.

Beyond security concerns, G7 leaders will discuss economic challenges such as critical mineral supply chains, global trade imbalances, and reducing dependence on China. France has also encouraged broader discussions involving countries such as India, Brazil, Kenya, and South Korea. Rather than issuing a broad final communiqué, the summit is expected to produce targeted agreements on issues including critical minerals, migration, and international security cooperation.

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Glencore to Buy $115M Cobalt from Industry Veteran for U.S. Stockpile

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Glencore has reached an agreement to purchase nearly 2,000 metric tons of cobalt from industry veteran Rami Weisfisch, worth around $115 million at current market prices. The deal, spanning 12 months in 2026, is expected to supply the United States for its planned National Defense Stockpile under Project Vault, a program backed by $12 billion in public and private funding. The cobalt, originally acquired by Weisfisch in 2015, is stored across Europe and the U.S., and marks the end of Weisfisch’s 50-year involvement in the cobalt industry.

The move comes amid heightened U.S. efforts to secure critical materials, including cobalt, to reduce reliance on China, the dominant global supplier and processor of strategic metals. Glencore’s CEO Gary Nagle confirmed the company’s participation in Project Vault, following the cancellation of a U.S. Defense Logistics Agency tender for cobalt last year. The deal uses pricing tied to Fastmarkets assessments, ensuring alignment with current market conditions.

Cobalt prices have surged approximately 160% since February 2025, reaching $26 per pound ($57,320 per ton), driven by tight supply and rising global demand. Democratic Republic of Congo, the top producer, imposed export quotas from February to mid-October, disrupting supply chains. China, the largest cobalt processor, has been most affected by these restrictions, scrambling to secure cobalt for its industries, including lithium-ion battery production for electric vehicles and mobile devices.

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G7 and Allies Explore Reducing Dependence on Chinese Rare Earths

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Finance ministers from the G7 countries, along with officials from Australia, Mexico, South Korea, and India, met in Washington on January 12 to discuss strategies for reducing dependence on Chinese rare earths. The meeting, convened by U.S. Treasury Secretary Scott Bessent, focused on securing alternative supply chains for critical minerals through measures such as price floors and new international partnerships. No joint statement was issued, but officials highlighted broad agreement on the urgency of diversifying sources.

Japanese Finance Minister Satsuki Katayama emphasized short-, medium-, and long-term approaches to strengthen non-Chinese rare earth supplies. Proposed measures include promoting labor and human rights standards in mineral sourcing, deploying financial incentives, trade and tariff tools, and minimum price settings. Countries participating in the discussions, along with the EU, represent 60% of global demand for critical minerals, which are vital for defense, semiconductors, renewable energy, and battery technologies.

German Finance Minister Lars Klingbeil and South Korean Finance Minister Koo Yun-cheol stressed the importance of proactive steps, including developing domestic supplies, recycling, and technology collaborations to create resilient supply chains. While participants warned against forming an anti-China coalition, they agreed on the need for urgent action to secure critical minerals and reduce vulnerability to export restrictions, particularly amid China’s recent curbs on materials destined for Japan’s military.

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