G7: Anthony Albanese invokes concerns about China’s dominance of global critical minerals supply chains

Anthony Albanese has invoked concerns about China’s dominance of global critical minerals supply chains in his first speech at the G7 summit, warning that ‘critical minerals markets are concentrated and vulnerable to manipulation’.

(L/R, top row) US Secretary of Treasury Scott Bessent, World Bank President Ajay Banga, European Commission President Ursula Von der Leyen, British Prime Minister Keir Starmer, South Korean President Lee Jae-myung, South African President Cyril Ramaphosa, Indian Prime Minister Narendra Modi, Japanese Prime Minister Shigeru Ishiba, UN Secretary General Antonio Guterres, NATO Secretary General Mark Rutte, (L/R, bottom row) German Chancellor Friedrich Merz, Australian Prime Minister Anthony Albanese, Mexican President Claudia Sheinbaum, French President Emmanuel Macron, Canadian Prime Minister Mark Carney, Ukrainian President Volodymyr Zelensky, Brazilian President Luiz Inacio Lula da Silva, Italian Prime Minister Giorgia Meloni and European Council President Antonio Costa pose for a family photo during the Group of Seven (G7) Summit at the Kananaskis Country Golf Course in Kananaskis, Alberta, Canada.

Anthony Albanese has invoked concerns about China’s dominance of global critical minerals supply chains in his first speech at the G7 summit, warning that “critical minerals markets are concentrated and vulnerable to manipulation”.

Speaking to G7 leaders in the Canadian Rockies town of Kananaskis, the Prime Minister spruiked Australia’s vast deposits of critical minerals and raised the perverse impacts geopolitical tensions are having on energy security and supply chains.

Asked to address the summit by Canadian Prime Minister Mark Carney, Mr Albanese said over recent years “we have all felt the impact of conflict, non-market practices and unfair competition”.

Mr Albanese did not mention China specifically but Xi Jinping’s Communist regime has overseen a domination of critical minerals supply chains. The US, Australia, Japan, South Korea and other regional allies have been working together to break Beijing’s stranglehold on critical minerals supply chains.

“Critical minerals are the new drivers of energy security. Australia is blessed to have some of the largest critical minerals deposits on earth. But we are increasingly finding that critical minerals markets are concentrated and vulnerable to manipulation,” Mr Albanese said.

“Producers struggle to remain competitive, and supply chains are affected by export bans and controls.”

Canada's Prime Minister Mark Carney, left, welcomes Australian Prime Minister Anthony Albanese to the G7 Summit in Kananaskis, Alberta.

As the Albanese government progresses deals with the US and other allies to turbocharge Australia’s critical minerals market, Mr Albanese said “energy security underpins our growth and prosperity, and is essential for our economic resilience and national security”.

“Whether that is to meet the challenge of climate change and drive the energy transition or to power new technologies that can transform our economy into the future – it is essential to our national interest,” he said.

After announcing a critical minerals reserve ahead of the May 3 election, Mr Albanese said his government was focused on developing Australia into a “globally significant producer and supplier of critical minerals”.

“Extracting and refining our natural assets to safeguard the resilience of our economy and support the economic security of our partners. Our new Strategic Reserve will allow us to deal with trade and market disruptions while meeting increasing global demand.”

“I am pleased that Australia is joining the G7 Critical Minerals Action Plan, which will support secure, diversified critical minerals supply chains. We welcome efforts to level the playing field and establish a stable market that reflects the real costs of delivering high-standard products and trade practices.”

Mr Albanese said Australia would work with Indo-Pacific partners on their clean energy transition and ensure regional partners can “build resilient, sustainable energy sectors and unlock trade and investment”.

Prime Minister Anthony Albanese greets Ukrainian President Volodymyr Zelensky as they arrive for a family photo during the Group of Seven (G7) Summit at the Kananaskis Country Golf Course.

In a second summit intervention, Mr Albanese linked Australia’s critical minerals push to the development of “high tech manufacturing, and advancements in Artificial Intelligence and quantum”.

“Australia has made significant investments in quantum technologies – including working with the private sector to develop the first utility-scale, fault-tolerant quantum computer. We are building on our strengths in quantum and AI applications, especially in mining, agriculture and medical technology.”

“Australia can be a leader in data centres in our region due to our abundant land and renewable energy resources. We are also harnessing new technologies to become a leader in green metals and clean energy.”

Earlier in the day, Mr Albanese committed to enhancing Australia’s security co-operation with Japan and accelerating the finalisation of a free trade agreement with the European Union in his first bilateral meetings at the G7 summit.

After Donald Trump ditched the G7 and meetings with world leaders including Ukraine President Volodymyr Zelensky and Indian Prime Minister Narendra Modi, Mr Albanese told Japan Prime Minister Shigeru Ishiba and German Chancellor Friedrich Merz he wanted to enhance and accelerate security, economic and trade links with the EU and Japan.

Mr Albanese, who will arrive back in Australia on Thursday morning, was due to hold four meetings on his first visit to the official G7 summit site at Kananaskis. The 62-year-old was joined by the leaders of nine other countries invited by Canadian Prime Minister Mark Carney to participate in summit talks. During the G7 family photo, Mr Albanese hugged Mr Zelensky after both men had meetings with Mr Trump cancelled.

Prime Minister Anthony Albanese hugs Ukrainian President Volodymyr Zelensky.

In his meeting with Mr Ishiba, Mr Albanese encouraged more investment from Japanese companies, acknowledged the “important and reliable” role Australia plays in supporting Japan’s energy security and declared the relationship as “closer than it has ever been”.

Amid a significant ramping-up of joint naval exercises and Japanese military presence in Australia, Mr Ishiba told Mr Albanese that economic and geostrategic pressures were increasing in their complexity.

As Australia, Japan, the US and Britain join forces to disrupt Chinese military aggression in the South China Sea, Mr Ishiba said he wanted to take “our special strategic partnership to new heights”.

“The international economy is increasing its complexity. At the G7 we have discussed in a very frank and fruitful manner about the state of the international affairs. It is becoming more complex with Ukraine, Middle East and Asia, everything is connected the world,” Mr Ishiba said.

“And under such circumstances, I think Japan-Australia coordination really continues to set an example of what a like-minded country’s co-operation is, and going forward together I would like to make sure that free and open Indo-Pacific will be realised.”

During brief remarks exchanges with Mr Merz, Mr Albanese thanked him for supporting the “free trade agreement we are trying to get done with the European Union, it’s very important”.

In response to Mr Merz offering to do “what we can … to speed it up a little”, Mr Albanese said “we’re very keen on getting it done quickly”.