Australia bets big on rare earths after China sparks panic
Western governments want to break China’s stranglehold on the processing of rare earths into metals and magnets vital for modern living and defence. Australia is key to that. Can it work?
The recent collapse in prices for key critical minerals is accelerating attempts by Western governments to use cheap loans, grants and tax breaks to break China’s stranglehold on the processing of rare earths.
Success is far from guaranteed. But taxpayer funds are now the common ingredient to boost the processing of rare earths into the metals and magnets vital for everything from mobile phones to wind turbines to advanced defence technology.
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Jennifer Hewett is the national affairs columnist. She writes a daily column on politics, business and the economy. Connect with Jennifer on Twitter. Email Jennifer at jennifer.hewett@afr.com
