Australia’s rare earths projects get US$360 million funding boost to counter China dominance
Australia announced almost A$500 million (US$360 million) in funding to boost output of critical minerals, aiming to diversify supply for its allies and counter China’s dominance of the global market.Prime Minister Scott Morrison unveiled the funding for a slew of projects in Western Australia on Wednesday and said the state would become a powerhouse for Canberra’s allies.“Recent events have underlined that Australia faces its most difficult and dangerous security environment that we have seen in 80 years. The events unfolding in Europe are a reminder of the close relationship between energy security, economic security and national security,” he told reporters.A meeting of the Quad group leaders of Australia, United States, Japan and India agreed in Washington in September to improve supply chain security for rare earths.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)