Washington, February 4 – In a stark warning issued on Wednesday, US Secretary of State Marco Rubio highlighted the perilous concentration of global critical minerals supply chains in the hands of a single nation, predominantly China. Labeling it a major geopolitical risk, Rubio announced a bold new initiative involving 55 international partners aimed at diversifying sourcing to safeguard economic growth, technological innovation, and national security.
Speaking to journalists at the inaugural Critical Minerals Ministerial, Rubio emphasized the initiative’s goal to address vulnerabilities that threaten core pillars of modern economies. ‘The Critical Minerals Ministerial has had a fantastic launch,’ he stated. ‘We have 55 partners we’re looking forward to collaborating with; many have already signed up, and the goal here is very straightforward.’
India’s External Affairs Minister S. Jaishankar represented the country at the summit. Rubio criticized past policymakers in developed economies for overlooking the raw materials essential for manufacturing high-tech products. ‘We all fell in love with the design of these things, but we forgot that to design something, you have to be able to make it, and to make it, you need the basic materials,’ he remarked.
The current supply chains, Rubio noted, are ‘far too concentrated in one country’s hands,’ creating risks that extend beyond economics into geopolitics. In the worst case, he warned, this dominance could be weaponized, while global disruptions like pandemics or political instability could easily halt supplies.
Many nations possess critical minerals but struggle to develop them due to unfair competition fueled by state subsidies that undercut prices, making mining and processing uneconomical. ‘The private sector can’t invest in these things because some competitors will come in and operate below cost just to dominate market share,’ Rubio explained.
Once a single player controls the market, the consequences are dire: they can charge whatever they want, use dominance for leverage, or leave the world vulnerable to shocks. ‘This is not a sustainable situation,’ Rubio asserted.
The US is leading by example through domestic reforms like permitting changes and President Donald Trump’s announcement of strategic stockpiles for critical minerals. Rubio spotlighted the launch of the FORGE initiative, with numerous countries already onboard and more expected. US agencies, including the Development Finance Corporation and Export-Import Bank, will outline financing tools for investments, with Treasury Secretary Scott Bessent closing the ministerial later.
‘We’re planning to sign new Critical Minerals Frameworks with several partners later today,’ Rubio said, calling the meeting historic and noting the US government’s pledge of billions in support.
On Ukraine, Rubio revealed that technical military teams from Ukraine and Russia are meeting in a US-linked forum for the first time in years. ‘That list of unresolved issues has gotten quite short,’ he said, though the remaining ones are the toughest. He stressed critical minerals’ role in Ukraine’s postwar recovery: ‘This war will end at some point, and when it does, Ukraine needs to harness all its resources to rebuild.’
Addressing Iran, Rubio affirmed President Trump’s readiness for talks but insisted any meaningful dialogue must cover missiles, terrorism, nuclear programs, and Iran’s treatment of its people. He praised partners like Argentina and Morocco, underscoring that no single country holds all vital minerals, making international cooperation imperative.