“We’ll be producing circa 5000 tonnes of rare earth oxide – it’s not the hundreds of millions of tonnes that you hear about in iron ore,” he said.
A critical mineral has two attributes,according to Geoscience Australia:it is essential for modern economies or national security,and it has a risk of supply chain disruption.
Most critical minerals are used in electronics or the renewable energy sector – solar panels,wind turbines and batteries – and China dominates at least one step of the supply chain from mine to finished product.
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Lynas Rare Earths managing director Amanda Lacaze said China’s dominance resulted from 30 years of disciplined long-term planning.
“I find it amusing when Western governments are indignant about China’s dominance because they didn’t make a secret of it,” she said.
“Governments outside of the planned economies are going to have to get their minds around the fact that it’s going to require more intervention.”