It’s not just the federal budget that could boost Australia’s critical minerals exports, but also a new round of US tariffs on Chinese imports.
Just as the Albanese government revealed, the White House announced it would this year jack up tariffs on China’s critical minerals from zero to 25 per cent.
“The tariffs could further encourage the development of downstream capacity outside of China, which may eventually lead to some Australian exports going elsewhere in the long term to serve the US market,” Benchmark’s Adam Webb said.The Albanese government’s tax credit policy is aimed at encouraging the likes of Pilbara Minerals, Chris Ellison’s Mineral Resources and Gina Rinehart-backed Liontown Resources to move production further downstream and build export capacity.
The only commercial rare earth miner in Australia at present is Lynas Rare Earth’s deposit at Mt Weld in Western Australia, but all of this material is processed in Malaysia, and sold to magnet manufacturers in Japan. Australia exported just 3000 tonnes of lithium concentrate to the US in 2023, out of a total of 3.57 million tonnes, with the vast majority going to China for processing.While Australia doesn’t export graphite and has no mines, it does have about five graphite mines in the works, with millions of tonnes of reserves and resources.
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