Australia Plans to Invest in Critical Mineral Reserve
(MENAFN) Australia's Premier, Anthony Albanese, has committed to investing A USD1.2 billion (EURO580 million) into a strategic reserve for vital minerals if he secures victory in the upcoming election next month, as trade conflicts continue to intensify.
This declaration followed China's decision to impose export restrictions on seven rare earth elements, which are crucial for the manufacturing of advanced technologies such as electric vehicles, fighter jets, and robots.
China’s export controls affect all nations, but they were broadly interpreted as a response to tariffs imposed by United States Leader Donald Trump.
Albanese emphasized that Australia would focus on securing minerals that are critical for its own security as well as that of its international allies, including rare earths.
However, could this initiative challenge China's dominant position in the market?
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