The United States is hosting ministers from dozens of countries for a critical minerals conference in Washington, DC, this week.Officials are seeking to strengthen and diversify their nations’ stockpiles of critical minerals, which are essential for the defence industry and for the development of artificial intelligence.High on the agenda is the question of setting a minimum price for critical minerals – something many countries are pushing for. However, the US is reported to be backing away from this suggestion.On Monday, US President Donald Trump announced the launch of a strategic minerals stockpile for the US called Project Vault. It will be funded by $2bn of private capital along with a $10bn loan from the US Export-Import Bank.What is the Critical Minerals Ministerial?The meeting is the first of the new Critical Minerals Ministerial, a US initiative to build alliances aimed at countering China’s control over critical mineral supply chains around the world.The main meeting of representatives takes place on Wednesday.Currently, China controls most of the world’s rare earth minerals, including metals that are necessary for the manufacture of many technological items, from smartphones to fighter jets. China has 60 percent of these minerals and processes 90 percent of the world’s supply.According to the US Department of State, the ministerial is being hosted by Secretary of State Marco Rubio and is taking place at the State Department building close to t …
