What has changed since the budget?
If you put the pieces together, you can only conclude that there is a lot happening in the background.
18 April 2024
“Japan and Korea are important partners in this for us – both have been essential in developing Australia's energy sector.
I have spoken about our relationship with the Republic of Korea before – they are a particularly important partner.
Minister King and I have recently returned from two separate trips to Seoul this year, demonstrating the close bilateral relationship the Australian Government shares with Korea.
Ten years ago, almost to the week, Australia and Korea signed the Korea-Australia Free Trade Agreement.
More recently, POSCO - traditional investors in Australian iron ore and coal - are now moving towards critical minerals and rare earth elements.
Like Korea, Australia is committed to critical minerals supply chain diversification and resilience. Korean collaboration and investment will continue to play an important role in this process.
Korean firms are already active in securing offtake agreements and investing in Australian critical minerals projects.
Australia and Japan continue to work together as partners under the Japan-Australia Critical Minerals Partnership, which affirms a shared commitment to stable critical minerals supply.
For example, with Japan's support, Lynas Rare Earths – an Australian mining company – is now the world's biggest producer of rare earths outside China.
Japan has supported Lynas for over a decade with over $325 million in loans, and receives priority supply rights.
Australia wants to work with Japan to find the next Lynas, and the one after that.”
https://ministers.dfat.gov.au/minister/tim-watts/speech/aspi-darwin-dialogue-critical-minerals-and-rare-earth-elements
Add to My Watchlist
What is My Watchlist?
