Minister for Resources of Australia Madeleine King said that the country seeks to build domestic industry for production of mineral resources vital to the next phase of high-tech manufacturing, and ultimately compete with China in this sector.
“The reason we want to make sure that we hold more critical minerals capabilities here, in refining, in processing, and further down the line, is to compete with China,” King said in an interview cited by Mining Weekly.
When asked about the possibility of greater Chinese investment in the sector, she said while Australia was receptive to proposals, the government sought to build up the domestic industry.
According to the media resource, since coming to power in May 2022, Australia’s center-left Labor government has ramped up investment in minerals including lithium, cobalt and titanium, which are vital for global green energy infrastructure and the defense manufacturing.
Just recently Australia expanded its list of resources deemed crucial to its energy transition and national security needs. Australia has some of the world’s largest reserves of the critical resources, sparking interest from nations keen to diversify their supply chains given China’s substantial head start in processing.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
