Resources minister warns concentration of the market that includes rare earths in China poses a strategic challenge
Australia needs to develop processing capabilities that would hedge against China’s dominant position over minerals crucial to clean energy and defence technologies, the resources minister, Madeleine King, said on Thursday.
“Working together, like-minded partners can build new, diverse, resilient and sustainable supply chains as part of a global hedge against concentration,” King said at an event organised by the Australian Strategic Policy Institute, a defence thinktank with a hawkish reputation on China.Read more Rare earth metals, a subset of the larger group of minerals seen as critical to a nation, are used in everything from smartphones and batteries to high-powered magnets.Rare earths also underpin clean energy technologies and are widely used in electronic defence systems.
Electric vehicle manufacturer Tesla has flagged it will engineer rare earths out of its next-generation fleet amid volatile pricing and disrupted supplies of the key minerals in recent years.
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