Finance ministers from the Group of Seven (G7) nations are scheduled to meet in Washington on January 12 to discuss the supply of rare earth elements, according to multiple sources familiar with the plans.

One source noted that the meeting will also cover the possibility of setting price floors for rare earths, along with other key issues related to critical minerals.

With the exception of Japan, G7 countries are heavily or entirely dependent on China for a variety of materials, including rare earth magnets and battery metals. In June of last year, the group agreed on a strategy aimed at securing supply chains and strengthening their economies.