According to Rowena Smith, the managing director of Australian Strategic Materials, building a rare earths metallisation plant in Australia would only be feasible if there was an established magnet making industry nearby. Smith expressed her interest in processing critical minerals on Australian soil, but explained that customers for pure rare earths metals preferred the final stage of processing to occur close to their factories in Asia, Europe, or the United States. Australian governments are working on a strategy that prioritizes domestic processing of Australian critical minerals, while Iluka chief Tom O'Leary believes building a rare earths metallisation plant in Australia is rational and achievable and should be the focus of government policy. As China supplies nearly 80% of the materials required for magnets in devices such as drones and wind turbines, governments in Australia, the US, Japan, Europe, and South Korea are willing to invest in rare earths supply chains.
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https://www.afr.com/companies/manufa...0230515-p5d8i6