Australia unveils $360m in critical minerals funding to offset China dominance
Reuters | March 16, 2022 | 9:09 am Intelligence Australia China Rare Earth
Australian Prime Minister Scott Morrison. Photo from Morrison’s Facebook page.
"Australia announced almost A$500 million ($360 million) in funding to boost the output of critical minerals, aiming to diversify supply for its allies and counter China’s dominance of the global market.
Prime Minister Scott Morrison unveiled the funding for a slew of projects in Western Australia on Wednesday and said the state would become a powerhouse for Australia’s allies.
“Recent events have underlined that Australia faces its most difficult and dangerous security environment that we have seen in 80 years. The events unfolding in Europe are a reminder of the close relationship between energy security, economic security and national security,” he told reporters.
A meeting of the Quad group leaders of Australia, the United States, Japan, and India agreed in Washington in September to improve supply chain security for rare earth.
“China currently dominates around 70 to 80 percent of global critical minerals production and continues to consolidate its hold over these supply chains. This initiative is designed to address that dominance,” said Angus Taylor, minister for industry, energy and emissions reduction.
Diplomatic relations between Australia and China are strained, with Canberra describing trade sanctions imposed on Australian agriculture and coal by Beijing in response to political grievances as “economic coercion”.
Critical minerals are used in ... "
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