The Albanese government hoped for a new resources boom in new critical minerals projects and processing. There’s been a hard reckoning since, but the dream still lives for Iluka Resources and others.
Just before the last election, Iluka Resources chief executive Tom O’Leary persuaded the Morrison government to take a big bet on the future of rare earths processing in Australia. The then prime minister sanctioned a $1.25 billion loan from Export Finance Australia for the construction of a rare earths refinery in Western Australia.
A new Labor government was even more enthused about the potential for another resources boom in critical minerals processing, including rare earths, as Western countries and customers belatedly recognised the risks of relying on China’s domination of the industry.
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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
