Breaking China’s grip on rare-earths market a 'pipe dream', Australia says rareearths criticalminerals China USA Australia
Australia’s Resources Minister said it was a “pipe dream” that Western countries could soon end their reliance on China for rare earths and critical minerals -- vital for the defense, aerospace and automotive industries -- due to the Asian powerhouse’s existing grip on global markets.MadeleineThat won’t stop Australia and the US from working together to boost investment in these critical minerals in an attempt to break China’s monopoly on international supply chains, King said.
“I don’t think anybody in any country wants to have global supply chains dependent on kind of a single point of failure,” she said in a separate interview. “It’s just smart policy.”said “that countries with critical mineral resources should play a positive role in protecting the safety and stability of relevant industrial supply chains.”
In June, Australian company Lynas Rare Earths was awarded a $120-million contract by the US Defense Department to build a processing facility in America. Lynas is the only major company outside of China which produces and refines rare earths.
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