As the government courts “like-minded” foreign investors for critical minerals, those building the next wave of Australian mines warn against excluding China.
China produces more than 80 per cent of the world’s separated rare earths and was the destination for 96 per cent of Australia’s lithium last year. China also has more than 70 per cent market share in the processing and manufacturing of other critical minerals like antimony, bismuth and tungsten.
“Foreign investment from like-minded partners will be crucial to getting Australian projects off the ground. Just as it was critical to get our iron ore and LNG industries going decades ago.
“Most businesses, if they’re honest, they want to have a diversified [sales] book. It’s not just a case of when I sell everything to China because they’re paying the highest price,” he said.Chinese rare earths company Shenghe last year struck a preliminary deal to buy 60 per cent of the rare earths that VHM Limited plans to produce at its Goschen project in Victoria.
“This is where we believe the quality, size, and scale of the Goschen project presents an opportunity for Australia and internationally. We are firmly committed to unlocking the value of our assets, and we would welcome all forms of support from the government.” Rare earths explorer OD6 Metals has tenements near Esperance in WA and managing director Brett Hazelden said allied nations needed to create the missing links in the processing chain before they started imposing limits on Chinese participation.
Iluka managing director Tom O’Leary said the strategy was a “transformational opportunity” for AustraliaThe Minerals Council of Australia said in a submission that the government should actively encourage foreign investment in local critical minerals projects, but noted the foreign investment regime must also manage “national security risks”.
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