Lithium miner Ken Brinsden welcomes $50 million worth of new government money for businesses in critical minerals processing. But Australia needs to do much more to realise its ambitions for the industry. ausbiz
to 13 companies involved with critical minerals processing, describing it as “constructive”.
Brindsen, who will take part in The Australian Financial Review Mining Summit next week, says Australian governments must be more willing to directly subsidise investment, given the urgency and how far the world has fallen behind China in critical minerals industries.Australia sends 96 per cent of its lithium to China, for example, where it is processed into more sophisticated chemicals and materials that end up in batteries.
But Canada, according to Brinsden, is focused on providing far larger-scale incentives at a national and provincial level, while the Biden administration is pouring hundreds of billions of dollars in subsidies and tax breaks into renewable energy and critical minerals projects.“We’re starting to see Australia get a little more sophisticated about it, but I think the Canadians have a much more direct approach to how they think about investment in infrastructure and mines,” Brinsden says.
“Everyone wants to gravitate to the idea that you make batteries, but it’s a very difficult industry to be successful in when competing with North Asia, which will dominate,” he says. “We should capitalise on our competitive advantage.
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