Washington DC

US Vice President JD Vance on Wednesday underscored the undeniable importance of critical minerals while addressing the inaugural Critical Minerals Ministerial hosted by the United States.

Reflecting on recent developments, Vance recalled an operation in Venezuela and a discussion he had with US President Donald Trump on the central role of oil and gas in sustaining the global economy.

Drawing attention to the material foundations of economic growth, Vance said that despite increasing focus on digital technologies and data-driven systems, modern economies continue to depend on tangible resources. Quoting President Trump, he remarked that while data centres and advanced technologies are essential, economies ultimately run on physical commodities. “There is no realer thing than oil,” Vance said, adding that critical minerals are equally indispensable.

The Vice President noted that the ministerial provides a platform for allied nations to support one another through collective action. Emphasising unity, he said participating countries are moving in the same direction and together represent nearly two-thirds of global GDP.

According to Vance, this collective strength gives the alliance the ability to enhance self-reliance and reduce vulnerabilities in critical supply chains. He stressed the need for greater price stability to strengthen supply networks and called on partner nations to address shared challenges through cooperation rather than in isolation.

The United States is hosting the first-ever Critical Minerals Ministerial in Washington DC, with delegations from more than 50 countries participating. The gathering aims to deepen international collaboration to secure and diversify global supply chains for critical minerals, according to an earlier statement from the US State Department.

Ahead of the ministerial, President Trump on Monday announced Project Vault, a supply chain security initiative that will establish a US Strategic Critical Minerals Reserve. The initiative will function as an independently governed public-private partnership, with facilities across the country designated to store essential raw materials.

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The ministerial is being chaired by US Secretary of State Marco Rubio and is being described as a landmark effort to build global momentum for cooperation on securing critical minerals vital for technological advancement, economic growth, and national security.