In the Quad Critical Minerals Initiative Framework released Tuesday, the nations announced the intent to mobilize up to $20 billion in government and private sector support through new and existing efforts to strengthen critical minerals supply chains, including in mining, processing, and recycling through various actions.
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The framework set out key areas for cooperation among the Quad partners on critical minerals supply chains giving due regard for each partner’s domestic policies and priorities. The countries intend to support the development of secure critical minerals supply chains, which are essential for advanced technologies, economic growth, and the resilience of our industrial bases.
The nations intend to work together to use economic policy tools and coordinated investment to accelerate the development of diversified and fair critical mineral markets and support the supply of critical minerals that are crucial to the region’s economic growth and security.
The four countries are now set to identify projects with a Quad nexus, such as those located in within partner countries, operated by companies headquartered in the four countries, or supplying Quad markets, that address critical mineral supply chain gaps.
They also aim to support strategic critical minerals projects including through various initiatives including:
- export credit agencies,
- development finance institutions,
- mobilization of private capital,
- other public supporting tools, such as guarantees, loans, equity participation, insurance, subsidies, and offtake
- other commercial arrangements, as appropriate
The countries also plan to explore new mechanisms to help mobilize private capital and strengthen critical minerals supply chains within Quad and regionally.
Under the Quad Critical Minerals Initiative Framework agreed to on Tuesday, the countries also aim to improve the overall environment for critical minerals development.
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This includes sharing appropriate information on good practices and technical approaches to permitting, licensing, and regulatory processes, including measures to accelerate or streamline permitting timelines and processes. It further includes developing or strengthening tools and authorities to review and address transactions involving critical minerals that threaten national security.
The nations have also agreed to cooperate on technology development and capacity building related to geological mapping and resource assessment. The would also consider the feasibility of coordinated measures to address non-market policies and unfair trade practices, such as high standards marketplaces, price mechanisms, or other measures.
Under the third measure of “Recycling and Recovery of Critical Minerals”, the Quad partners agreed to work together towards improvement of the recovery and use of critical minerals from e-waste and other scrap materials to enhance the supply chain and promote recycling of contained critical minerals within Quad partner and like-minded countries.
This includes:
- Encouraging and supporting the facilitation of investment in critical minerals recycling technologies, processes, and collection networks within Quad partner countries in collaboration with the private sector
- Collaborating to enhance recovery of critical minerals, such as through building or facilitating the creation of robust collection and recycling processes
- Promoting innovation in critical minerals recovery from, and recycling of, e-waste and scrap materials among Quad partners
- Exploring cooperation to streamline export and import procedures for relevant waste and scrap among Quad partners, in line with the domestic laws and regulations, and international obligations of each partner.