"PM Modi Calls for Global Cooperation in Custodianship of Critical Minerals"

Indian Prime Minister Narendra Modi has warned that if nations with critical minerals do not view their custodianship as a global responsibility, it could lead to a new model of colonialism. Modi's comments come as the race to secure resources essential for achieving energy transition goals intensifies. China currently dominates the production and processing of rare earths, accounting for 70% of global mine production and at least 85% of processing capacity. Modi emphasized India's potential to build an efficient and reliable supply chain, highlighting the need to diversify supply chains and secure critical minerals for the transition to environmentally friendly energy.