Australia wants to leverage its position as a top mineral producer by boosting processing and manufacturing, part of a plan to challenge China’s dominance in the supply of products key to a clean-energy transition.
The Australian government yesterday unveiled a 10-year road map that includes A$1.3 billion (US$1 billion) of funding to help businesses capitalize on the country’s abundant natural resources and exploit opportunities in a de-carbonizing world.
It encourages growth in high-value products such as batteries and solar cells, as well as technologies and equipment that make mining safer and more efficient.
The Modern Manufacturing Initiative comes as the US and Japan look to cut their dependence on China for minerals that are vital to many manufacturing sectors.
Australia is the top exporter of lithium, a key component in batteries, and is also a major source of rare earth minerals.
Beijing is reviewing its rare earth minerals policy, and there are signs that it might ban the export of refining technology to nations or firms that it deems are a threat to state security.
“It’s a sovereign and strategic priority for Australia to ensure that we are hard-wired into this supply chain around the world,” Australian Prime Minister Scott Morrison told a media briefing following the announcement.
It has to be “a supply chain that Australia and our partners can rely on, because these rare earths and critical minerals are what pull together the technology that we will be relying on into the future,” Morrison said.
Lynas Rare Earths Ltd sends minerals from its operations in Australia to Malaysia for processing, but has plans to build a facility close to its Mount Weld mine in the country’s west.
Iluka Resources Ltd is also assessing options to build processing capacity.
Energy Renaissance and other companies are looking to establish a domestic battery manufacturing industry on Australia’s east coast.
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