Indian PM Urges Critical Minerals Leaders to View Control as a “Global Responsibility”

Indian Prime Minister Narendra Modi said the world could be at risk of a new form of colonialism if countries that control critical minerals do not view protecting those commodities as a “global responsibility.”

“We are experiencing this challenge for critical materials, rare earths and others. These things are abundant in some places and not present at all in others, but all of humankind needs them,” Modi said during the Business 20 Summit held in New Delhi from August 25 to August 27. “The ones who have them, if they don’t see that as a global responsibility, then this will promote a new model of colonialism. This is my warning.”

Modi added that India could build an efficient and reliable supply chain in comparison to pre-COVID-19 supplies that “broke down” when the world needed them most.

China accounted for 70% of the global mine production of rare earth elements in 2022. It is also home to at least 85% of the world’s mineral processing capacity.

Earlier this year, China imposed export restrictions on gallium and germanium, two elements often used in the development of computer chips and other tech, in a move that was seen as a response to the U.S.’s curb on technology sales to China, according to Reuters.

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• Source: https://www.supplychainbrain.com/articles/37996-indian-pm-urges-critical-minerals-leaders-to-view-control-as-a-global-responsibility