The International Energy Agency said on October 28 that more than 100 participants from member countries, along with market and industry experts, took part in a two-day exercise in Paris on October 22–23 to test government responses to a disruption in rare earth supplies. The IEA also said it is working with members to explore a structured emergency response procedure for critical minerals, drawing on its experience with oil.
What is new is the move toward crisis tools. It shows how one strand of the G7’s Évian commitments on critical minerals is being built out, and it could affect how companies that rely on rare earths and tungsten plan inventories and sourcing.
What the exercise covered
According to the IEA, the first day was a table-top exercise on rare earth elements. Governments worked through two scenarios: a sudden supply disruption, and prolonged market pressure that threatens the economics of diversified supply projects. Participants explored bilateral and multilateral responses through simulated negotiations.
The second day turned to diversification, with a focus on rare earths and tungsten. Groups examined strategic project opportunities, policy and market instruments, and dependencies on specialized technologies, equipment, chemicals and technical know-how. The IEA used two new tools: a Critical Minerals Information Dashboard and a Policy Tool Simulator, which models how policy measures could affect project economics and fiscal costs. The IEA said participation doubled compared with previous editions.
The G7 link
The IEA tied the event to its February 2026 ministerial declaration and to the G7 leaders’ declaration on critical minerals adopted at Évian in June. In that declaration, G7 leaders committed to establish a joint cooperation mechanism, with the help of the IEA and its data, to share data and alerts on future market stress or supply disruption with G7 members and like-minded countries. They agreed to exchange information on stockpiling systems and release mechanisms, particularly through the IEA Critical Minerals Security Programme, and committed to develop domestic stockpiling capacity where appropriate.
Leaders also aimed to reduce dependence on a single supplier outside the G7 and partner countries for rare earths and permanent magnets to under 60 percent by 2030. For other critical minerals, they tasked ministers with setting specific targets before the end of the year.
What to watch
An emergency procedure modeled on oil would add a coordinated government response to a market where companies have largely managed disruptions on their own. Items to track include:
- Whether the IEA’s work produces a formal emergency response procedure, and what data members would share under it.
- G7 and member decisions on stockpiling, which could create new public demand or release capacity.
- The ministerial targets for other critical minerals that leaders asked for by year-end.
