Swift action by an alliance of G7 nations to develop a critical-minerals supply chain will play a crucial role in ensuring the global security of supply, says the head of the International Energy Agency…The G7 summit in Kananaskis, Alta., in June produced a plan among member countries that is focused on diversifying and strengthening production of the minerals vital to the global economy. Fatih Birol, the executive director of the International Energy Agency, said he will push for action on the agreement at the G7 energy and environment ministers meeting next week in Toronto…China is the leading refiner and processor of the majority of the world’s 20 strategic minerals, according to an IEA analysis, and that should ring international alarm bells, Dr. Birol said Tuesday in an interview from Paris…“Slowly but surely, countries’ governments are waking up to this looming security challenge,” he said…Dr. Birol estimates that most of the world is about a decade behind China when it comes to critical minerals. Recent export restrictions imposed by the country highlight the importance of G7 countries and their allies working together to diversify and strengthen the supply chain, he said…Dr. Birol said his main wish for the G7 summit next week is that countries band together to try and shift market power in the critical-minerals sector away from from China…If allies fail to act, he worries that the world “may be seeing a 1970s moment for critical minerals that we had for oil,” he said, referring to the global oil crisis that saw massive petroleum shortages and inflated prices as supplies were choked off.

A US-backed mining investor warned that Washington must outspend Beijing on critical minerals projects to challenge China’s dominance of global supply chains…Western governments are still moving too slowly in securing supplies of lithium, rare earths and other materials vital for defense industries, according to Brian Menell, a South African mining veteran who heads TechMet Ltd…“We have to out-innovate the Chinese and out-fund the Chinese,” Menell said in an interview on the sidelines of the Future Resilience Forum in London…“The Trump two administration is prepared to do new things and act quickly, without being as constrained by precedent and bureaucracy as before,” Menell said. “We’ll see bigger deals and far more active US government engagement in these supply chains than we have in the past.”…Menell said expanding critical-minerals capacity will require direct government participation to de-risk early-stage projects and accelerate development. The US and its allies must also rethink how they engage with developing nations to safeguard supply chains that bolster Western industrial competitiveness and national security.

General Motors Co. has ended production of the Chevrolet BrightDrop electric parcel van in Ingersoll, Ont., dealing another setback to an automotive sector upended by U.S. trade policies at a time when Canadian dreams of building an EV supply chain are fraying…GM sold 1,500 BrightDrop vans in the U.S. last year, far fewer than rival models made by Ford Motor Co. and Rivian BrightDrops sell for about US$74,000 but are heavily discounted at dealerships…Ontario Premier Doug Ford told reporters Tuesday he was “very disappointed” with GM’s decision. “But really, it comes down to, I guess, these vehicles aren’t selling. They have 4,000 sitting on the lot right now,” he said, adding that Mr. Aquilina told him the company is going to look for another vehicle to build at the plant.