Australian Prime Minister Morrison will announce funds for domestic rare earth projects on Wednesday. The country is working with American allies to reduce the dependence of this important mineral to China.
According to Bloomberg, on the occasion of the federal election on May 21, Morrison will announce at the campaign in Western Australia to provide four new projects with A $ 243 million (S $ 239 million) (239 million yuan)Fund support, including the construction of new nickel -manganese cobalt battery material production bases in the Kalgoorie area, and the refined refinement project led by Australian Vanadium LTD.
This is part of the Morrison government to promote an important supply chain autonomous controlled plan.Angus Taylor, Angus Taylor, said that although Australia has some of the world's largest rare earth reserves, China accounts for about 70%to 80%of the global rare earth industry.
Taylor said in a statement: "This measure aims to deal with the leading problems of (China). These projects will not only change the local situation, create new employment opportunities, but also bring difficultyBelieve in export opportunities. "
The United States and its allies have been worried that China has tried to control the rare earth market for many years.The Chinese government is integrating rare earth industry resources by merging major producers to enhance its leading position in the global rare earth industry for decades.
