Bessent’s call for World Bank critical minerals shift: supply-chain lens for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
US Treasury Secretary Scott Bessent is pressing the World Bank at the IMF–World Bank spring meetings to redirect green lending towards “high-quality, durable” critical minerals mining and processing projects, particularly rare earths, to counter China’s control of over 90% of global rare earth supply. Managing the dominant US shareholding, he called for rapid support across all Bank arms for projects and associated infrastructure that diversify supply chains and increase domestic value capture. Bessent also welcomed the expiry of the Bank’s climate change action plan, labelling its climate finance targets “myopic” and signalling a broader shift in multilateral funding priorities.
Technical Brief
- China’s >90% control of rare earths and some other critical minerals is explicitly cited as the supply-chain risk.
- Bessent’s intervention occurs at the IMF–World Bank spring meetings in Washington, framing near‑term lending decisions.
- He is speaking in his capacity managing the dominant US shareholding, which effectively carries veto power.
- Statement was formally delivered to the International Monetary and Financial Committee, not just via press remarks.
- Bessent labels prior climate finance targets “arbitrary” and ineffective at poverty reduction, challenging existing project-screening criteria.
- He links US backing for a “strong, quota‑based and adequately resourced” IMF to implementing the 16th quota review agreed in 2023.
Our Take
China’s control of around 90% of rare earths in this piece echoes other critical minerals coverage in our database where supply risk is concentrated in a single jurisdiction, suggesting any World Bank pivot would likely prioritise diversification of processing and offtake routes rather than just new mine builds.
The World Bank and IMF also appear together in our Guyana coverage, where multilateral involvement is framed around hydrocarbons and bauxite; a shift towards critical minerals would mark a rebalancing of multilateral attention away from traditional oil-and-gas-led development in the Americas.
Coal appears in far fewer of the 163 Policy stories than critical minerals and rare earths, and where it does (such as in recent haul-truck fleet pieces) it is typically tied to efficiency or transition narratives, which signals that any World Bank funding reallocation away from coal assets would align with the direction of existing project-level investment patterns.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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