Australian companies are making significant strides in refining rare earth minerals crucial for defense systems, electric vehicles, and clean energy. This move comes as global demand for these minerals increases and geopolitical tensions rise between China, the US, and other nations.
Australian firms are edging closer to breaking China’s production stranglehold on the rare minerals used in the world’s critical defence systems, electric vehicles and clean energy transition.
The minerals refined by Australian companies are now a strategic asset as America swings sharply towards a more transactional trade stance under US President Donald Trump, and Beijing counters US tariffs by clamping down on supply of scarce metals. Iluka is building a fully integrated rare earths refinery at Eneabba in Western Australia with the help of a $1.65 billion federal government loan. Within a decade of firing up the plant in 2027, it will account for 10 per cent the world’s rare earth oxide supply, and refine more than a third of globe’s strategically important heavy rare earth oxides, the company says.
“We’re seeing critical minerals being used more and more as bargaining chips in trade negotiations, with countries leveraging their control over supply chains to get a better deal,” Perks said.
Technology Geopolitics RARE EARTHS AUSTRALIA CHINA TRADE WAR ELECTRIC VEHICLES CLEAN ENERGY DEFENSE
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