Quad Announces $10 Million in U.S. Funding to Recover Critical Minerals
Key Facts
The United States, Australia, India and Japan announced they would strengthen cooperation to recover critical minerals from electronic waste and scrap, while the other three countries welcomed a U.S. commitment of $10 million to support infrastructure and facilities in India and ASEAN countries. The announcement came in a statement by Australia’s foreign minister following a meeting of Quad foreign ministers in Atlanta on October 31, 2026, which was devoted to reviewing ongoing initiatives. The statement said joint efforts aim to “reduce reliance on a single supplier.” The focus on recovery and recycling adds a practical component to the four countries’ efforts to diversify supply chains. The ministers reaffirmed their support for reliable and open global supply chains.
The funding announcement comes within the framework of the Critical Minerals Initiative, which the Quad endorsed on May 26, 2026. Australia’s foreign minister said the partners intend to mobilize up to $20 billion in public and private support for mineral supply chains. The framework covers mining, processing and recycling, broadening cooperation across multiple stages of the supply chain. The $20 billion figure sets the ceiling for the support to be mobilized, while the U.S. commitment of $10 million is for facilities recovering minerals from waste in India and ASEAN countries. The initiative therefore combines a broader funding target with recovery projects in specific locations.
In China, the manufacturing new orders index fell to 49.4% in October, down 1.1 percentage points from September, according to the National Bureau of Statistics. The data showed differences by company size: the manufacturing index for large companies was 50.2%, compared with 48.4% for medium-sized companies and 47.5% for small companies. The readings show that large companies remained above 50, while the readings for medium-sized and small companies were below it. A level of 50 is used as the dividing line between contraction and expansion in the index, according to the Associated Press. The gap between large and smaller companies adds detail to the picture of Chinese industrial activity in October.
On external demand, new export orders in China fell to 48.7 in October from 50.0 in September, according to the Associated Press. The decline put the index below 50, after it stood at the dividing line between contraction and expansion in the previous month. At the same time, the agency noted that some economists expect Chinese exports to remain strong through the rest of the year. Those forecasts pointed to the possibility that China’s trade surplus in 2026 could exceed the record $1.2 trillion recorded in 2025. The picture combines weaker industrial order indicators in October with expectations of continued strength in exports and the trade surplus.
The Quad’s follow-up work includes exploring ways to facilitate cross-border movement of recyclable materials. The statement said the ministers look forward to exploring the simplification of export and import procedures for this purpose, while continuing to comply with national laws. The four countries’ export credit agencies are also scheduled to meet in Tokyo on November 18, 2026, to identify opportunities for practical cooperation. The meeting builds on a cooperation memorandum signed in 2024, according to the Australian foreign minister’s statement. The meeting is the next announced step in the Quad’s economic cooperation following the Atlanta gathering.