US Secures $62.4B Rare Earth Deal With Kenya at G7 Summit

America has reached a preliminary minerals agreement with Kenya. President William Ruto revealed the deal during the G7 summit in France. It marks a significant step in securing vital resources for technology and defence. The agreement gives the US access to one of the world’s largest untapped rare earth deposits. These minerals, including niobium and rare earths, are valued at about $62.4 billion (Sh9.7 trillion). The deal also requires Kenya to process the strategic minerals locally.

The move positions America ahead of China in the competition for critical resources. These materials are essential for modern technology and national security. The preliminary deal strengthens US supply chains for key minerals. Kenya will now develop its domestic processing capabilities. The agreement highlights the growing importance of African resources in global markets.