Australia’s ambassador to the US, Kevin Rudd, has made a strong case for Australia to become “a great power – if not a superpower – in critical minerals and rare earths” at a forum hosted by the Centre for Strategic and International Studies this week.
“We have the biggest mining industry and the largest mining companies in the world,” the former Prime Minister told the forum. “Most of the periodic table is under our soil. (And) now we’re adding processing.”
Rudd added the caveat that both countries had to get their policy settings right to capitalise on the opportunity.
“The missing piece is pricing, and we’ll work that out with our partners,” he said. “If we get it right, Australia will become a great power – if not a superpower – in critical minerals and rare earths.”
Rudd laid out the strengths of the Australian mining industry in pitching the country as a key partner to the US in countering China’s grip on critical mineral supply chains.
“We have deep technical expertise represented in the research faculties of our major universities,” he said. “So put together the geology, our processing capacity, and our mining expertise, and I think we’re well-placed to assist in diversifying and creating resilient supply chains – helping the US … meet its requirements for a resilient America when it comes to critical minerals and rare earths.”
Rudd was confident the US and Australian Governments could get policy settings right, pointing towards initiatives by both countries as positive signs.
“The US now has a whole-of-government effort – through the National Security Council, the Department of Defense, the Department of Energy, and others – combined with Australia’s Critical Minerals Task Force,” he said.
“With large companies leaning forward, deep capital markets, and government investment facilities in both countries, we can make real, tangible progress in the most sensitive minerals and rare earths.”
Rudd cited several Australian mining companies that are already playing a role in the US partnership, and the major projects they are engaged in globally.
He said Australian companies are making big advances in critical minerals globally, including Iluka Resources‘ $1.2 billion Eneabba project in Australia, which has the potential to be the country’s first fully integrated rare earths processing facility, as well as Lynas Corporation’s rare earths processing operation in Malaysia.
Rudd also mentioned that chief executives of BHP and Rio Tinto meeting with US President Donald Trump in recent days was further evidence of the importance of Australian miners to the US.
Australian rare earths miners like Lynas have already seen benefits from a shift in US Government policy, with the company backed to build a processing plant in Texas.
