U.S. Treasury Secretary Scott Bessent announced that Australia and India, along with several other countries, were invited to a G7 finance ministers' meeting focused on critical minerals, which he is hosting in Washington on Monday, January 12, 2026. The primary objective of the meeting is to discuss strategies for securing global supply chains for these essential materials and to diminish the heavy reliance on China, which currently dominates between 47% and 87% of the refining capacity for critical minerals such as copper, lithium, cobalt, graphite, and rare earths. These minerals are indispensable for defense technologies, semiconductors, renewable energy components, and batteries. Bessent indicated that he had been advocating for a dedicated meeting on this issue since the G7 leaders' summit in Kananaskis, Canada, in June 2025, where an action plan was agreed upon to bolster supply chain security. Finance ministers had already conducted a virtual meeting in December 2025 to lay the groundwork for these discussions. While Australia's participation is largely expected, Bessent mentioned uncertainty regarding India's acceptance of the invitation. Australia has already taken steps, signing an agreement with the U.S. in October 2025, which includes an $8.5 billion project pipeline aimed at countering China's critical minerals dominance. Other non-G7 countries like South Korea and Mexico are also expected to participate. This broader collaboration underscores the global effort to build more resilient and diversified critical mineral supply networks.