The week was relatively quiet in the raw materials sector, partly due to the aftermath of China’s Lunar New Year celebrations. However, beyond China, efforts to strengthen supply chains continued across Australia, South Korea, and the United Kingdom—the details in our roundup.
Australia: “Gamechanger” for Critical Mineral Processing Passes Senate
The Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024 passed the Australian Senate on Monday, paving the way for a combined $8.6 billion (AUS$ 13.7 billion) in tax breaks to flow into the domestic production of renewable hydrogen and critical minerals processing and refinement. Resource Minister Madeleine King described the bill as a “game changer for Australia’s emerging critical minerals industry, especially in Western Australia and Queensland.”
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Ionic Signs MOU with South Korea’s DNA Link to Recycle Rare Earth Magnets
Ionic Rare Earths Limited has signed a non-binding Memorandum of Understanding with DNA Link, a South Korean company developing a rare earth manufacturing plant in Yasan, which is set to begin production later this year. Under the partnership, both parties will collaborate on securing offtake agreements for magnet swarf and recycled rare earth oxides generated during magnet production.
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Renewable Energy: More Power for the Market in China
Renewable energy is booming in China: In 2023, the country installed as many solar panels as the entire world did the previous year. This has been made possible by its own manufacturing capacities and access to essential raw materials, from aluminum to rare earths, as well as government subsidies. These subsidies include guaranteed prices for electricity from renewable sources fed into the grid. However, this may soon change. According to a statement from the National Development and Reform Commission and the National Energy Commission, it is time to transition to market-based pricing.
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Trade, Defense, and Resources: The U.S. and India Strengthen Partnership
India and the U.S. seek to deepen their economic ties and strengthen cooperation in strategic sectors such as defense, semiconductors, artificial intelligence, and energy security. Critical minerals essential for the green energy transition and emerging technologies also play a key role in their partnership. During a meeting in Washington, Indian Prime Minister Narendra Modi and U.S. President Donald Trump announced a new initiative focused on the recovery and processing of lithium, rare earth elements, and other critical minerals. The initiative will tap into resources from industrial sectors such as aluminum production and coal mining, reinforcing efforts to build resilient supply chains.
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