The CEOs of Australia’s largest critical minerals companies have backed a $22 billion budget boost,in support that fuels a clash with the Coalition.
The federal government declared “the road to net zero runs through Australia’s resources sector”,and Rinehart will be hoping for a decent spoonful from the profit pot at the end of that road.
The rare-earth metals miner has been approached by North American and Asian companies looking to buy it as the push intensifies for critical minerals needed to power the world’s energy transition.
When Elon Musk’s Tesla said last month that it would not need rare earth ores for its next-generation electric vehicles,it marked the latest string of bad news for $6 billion Australian miner Lynas.
There were no political threats to burn down the Lynas operations in Malaysia during the recent election,but its position is still precarious.
Lynas Rare Earths chief executive Amanda Lacaze,says the group is prepared for every scenario as the Malaysian Government prepares a decision whether the $8 billion company will be allowed to continue operating in the country.
Lynas is planning in 2023 to drastically ramp up its production of rare earth ores by opening a new processing plant in Western Australia in July,but the group’s ambitions might require a loosening of restrictions in Malaysia.
Federal Treasurer Jim Chalmers recently turned his gaze on the threat of China controlling critical minerals,crucial to the green energy revolution,and
Resources Minister Madeleine King says Western countries will struggle to end their reliance on China for rare earths and critical minerals vital for the defence,aerospace and automotive industries.
Lynas says a rapidly increasing shift to electric vehicles and wind energy has prompted it to expand its Western Australian mine.
Australian rare earths miner Lynas has been fielding greater interest from countries seeking to reduce their dependence on China for supplies of key minerals.