Sure but Australia has been shipping DSO iron ore for years to China. Only recently have Australian companies started talking about 'green steel' production in Australia, most vocal FMG but also CXL with a 'mystery Australian major.
I have no idea if NMT is capable for future refinement or more likely going by their MO, 50:50 or similar JV with an Australian company if any are game.
The 'globalisation' model seems to be failing under the weight of covid & war so, as you say, the more vertical integration aka down stream processing that is done in Australia the better. The key will be 'green energy' supplies vs other countries with hydrocarbon based energy.
As with all things, time will tell.
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