Rudd highlights Australia’s critical minerals significance

Australia Ambassador to the US Kevin Rudd has expressed confidence in Australia’s ability to become a critical minerals and rare earths superpower.  

This week in Washington, at a forum hosted by the Centre for Strategic and International Studies (CSIS), Dr Rudd highlighted the strengths of the Australian mining industry that position it as a key partner in countering China’s dominance over global supply chains.  

Dr Rudd says Australia has the biggest mining industry and the largest mining companies in the world.  

“The [US] President recognises the size of these companies and their ability to act,” he said.  

“Most of the periodic table is under our soil [and] now we’re adding processing. 

“We have deep technical expertise represented in the research faculties of our major universities, put together [with our] geology, our processing capacity and our mining expertise, I think we’re well-placed to assist in diversifying and creating resilient supply chains.” 

Dr Rudd highlighted the advancements Australian companies, including Iluka Resources (ASX: ILU) and Lynas Rare Earths (ASX: LYC), are taking to increase the country’s processing capabilities.  

Iluka Resources recently signed a binding agreement with Lindian Resources securing the long-term supply of rare earth concentrate to support the development of its $1.2b Eneabba rare earths refinery in WA, which is scheduled for commissioning in 2027.  

Once operational, the Eneabba project will be Australia’s first fully integrated rare earths refinery. 

In May this year, Lynas became the first to commercially produce separated heavy rare earths outside of China, following successful production of dysprosium oxide at its Malaysia plant.  

Dr Rudd says several Australian mining companies are already playing a role in the US partnership. 

“The US now has a whole-of-government effort — through the National Security Council, the Department of Defense, the Department of Energy and others — combined with Australia’s Critical Minerals Task Force,” he said.  

“With large companies leaning forward, deep capital markets and government investment facilities in both countries, we can make real, tangible progress in the most sensitive minerals and rare earths.”