Published on 21 Mar 2025
• India has formally joined the Minerals Security Finance Network (MSFN), a US- led initiative involving 14 countries and the European Union.
• Members: USA, Australia, Canada, Estonia, Finland, France, Germany, India, Italy, Japan, the Republic of Korea, Norway, Sweden, the United Kingdom, and the European Union.
• This network strengthens cooperation to secure supply chains for critical minerals like cobalt, nickel, lithium, and rare earth elements (REE).
• The MSFN evolved from the Minerals Security Partnership (MSP), which the US established in 2022.
• India was inducted into the MSP in June 2023.
• The partnership is vital as the world heavily depends on China, which produces 70% of REE.
• India has some REEs like lanthanum and neodymium but lacks heavy REEs such as dysprosium and terbium.
• The MSFN focuses on coordinating development finance institutions and export credit agencies among members to enhance supply chain resilience.
Minerals Security Finance Network
MSFN
minerals
critical minerals