One of the world's biggest suppliers of raw minerals, Australia unfurled a landmark strategy on Tuesday that outlines how it will work with investors and international partners to build a critical minerals processing industry.
Australia is the world's top supplier of lithium, and a significant producer of rare earths, cobalt, graphite, manganese and other minerals critical to global energy transition.
China dominates critical minerals processing, accounting for more than 80% of global rare earths production, and holding large investments in cobalt, lithium and other mining and processing operations in Australia, Africa and South America.
In 2010, China cut exports of rare earths after a dispute with Japan, sparking an international hunt for new deposits.
The government can't scrimp on environmental, social and regulatory standards, however, since ethical, sustainable supply is a key strategic advantage for Australia, King said.
Persons:
Madeleine King, Australia's, King, Melanie Burton, Tom Hogue
Organizations:
MELBOURNE, Australia, Reuters, U.S . Defence, U.S, Thomson
Locations:
Australia, China, Africa, South America, Japan, United States, Albemarle, Western Australia