They need lithium and cobalt for their battery industry. Rock lithium from Australia is important to their world control of battery for EV industry and home storage off solar. Cobalt is available elsewhere but we have a geo politically safe supply. If we actually thought as long term as Chinese policy makers we would start to produce the batteries here and secondly hydrogen for future transport fleets. But like short term thinkers we are we will export the profits to China. In a way we deserve what we get.
