BLUFThe Australian Government plans to increase mineral production—especially 'rare earths'—to break Australia's almost complete reliance on China for critical minerals such as 'rare earths'.
This article by Henry Belot, writing for ABC-Australia, makes the following points:
- The Australian Government has committed $240 million to critical minerals projects.
- China produces and supplies almost all the minerals used to make renewable energy products, mobile phones, electric vehicles and even the batteries used in the US joint-strike fighter.
- The Federal Government says Australia needs to break away from China's industry domination.
- Australia has a lot of rare earth minerals it can mine.
- Australia has serious strategic concerns about China's market dominance.
- The 2022 Russo-Ukraine Conflict has exposed Europe's reliance on Russia for energy.
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References from the Web:
- JUL 2021 Race on for Australian rare earth supplies as fears grow over China's market 'monopoly'—ABC
- MAR 2022 PM boosts critical minerals and defence spending amid China threat—AFR
- MAR 2022 Australia unveils $360m in critical minerals funding to offset China dominance—Mining.com