The Middle East’s mega-rich oil kingdoms can see the writing on the wall. The time of big oil is over. The future is all about critical minerals. And they’ve got the money to leave Australia’s ambitions in the dust.
Two countries have set their sights on taking on Australia’s multi-billion dollar industry. And they’ve got the money to leave our ambitions in the dust.The Middle East’s mega-rich oil kingdoms can see the writing on the wall. The time of big oil is over. The future is all aboutThat’s now rapidly moving to sustainably generated electricity.
Altogether, this makes the critical minerals sector somewhat more risky than the “dig it and ship it” economics of bulk iron ore and coal.Good, because Australia’s stable government, transparent legal system, and existing mining and transport infrastructure help reduce that risk. Minerals are essential for electric cars, seen parked here at a distribution centre of the Changan automobile company in southwestern China's Chongqing municipality on March 24. Picture: AFPAfter years of influencing the global economy through the Organization of the Petroleum Exporting Countries , the Middle Eastern oil powers are beginning to follow China’s lead in a bid to secure control over critical minerals.
“Saudi Arabia is being transformed. Through this transformation, we want to be an economic powerhouse,” Saudi Arabia’s vice minister for mining, Khalid al-Mudaifer, told Semafor. “To be an industrial power, we need minerals. To build projects, we need minerals. Therefore, mining in Saudi Arabia is the first step. Bringing minerals from outside is the second step. Third step is to build Saudi Arabia as a hub.
“Saudi Arabia announced that it would purchase $US15 billion in global mining stakes to secure minerals from countries such as Namibia, Guinea, and the Democratic Republic of Congo,” says analyst Gracelin Baskaran. “ to increase critical minerals supply for domestic processing and manufacturing, in support of its ambitious goal of producing 500,000 electric vehicles annually by 2030.
Sishen open cast mine, operated by Kumba Iron Ore Ltd., an iron ore-producing unit of Anglo American PLC, in Sishen, South Africa. Picture: Waldo Swiegers/Bloomberg
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