US-Led Group Weighs Funding More Mineral Projects to Counter China Dominance
- Fourteen nations and EU start finance network for key metals
- Funds to combat low metal prices amid oversupply from China
Quicker seed financing was needed to combat Chinese companies that have flooded the market with minerals such as lithium and cobalt.
Photographer: Cristobal Olivares/BloombergA US-led coalition of countries is looking at funding more minerals projects using a financing network aimed at combating China’s dominance of metal supply chains.
The Minerals Security Partnership has already announced support for 13 projects since the collaboration began in 2022 and it’s looking to streamline efforts to turn more into reality, Jose Fernandez, a top US State Department official, told Bloomberg. He said development finance and export credit agencies from 14 mostly western nations and the European Union will work with private industry to fund the additional 32 projects amid a downturn in prices for key metals.