The Albanese government’s geopolitically focused strategy risks losing out both on Chinese investment in mining and to the US on processing.
Australia’s critical minerals policy risks going off the rails. The Albanese government is being urged to apply a zero-sum geopolitical lens that would see China designated only as a threat, not a potential partner. The reasons the sector is in the policy spotlight are well known.
The report references with alarm that Australia’s largest lithium mine, Greenbushes in Western Australia, is operated by a subsidiary of a “Chinese mining company” whose founder and chairman has “strong links to the Chinese Communist Party”.The Treasurer has also blocked two proposed Chinese investments, leading to speculation that a de-facto prohibition already exists.
With export volumes and prices now booming, these companies are finally reaping the rewards. But so too is the Australian economy with lithium exports expected to reach $19.5 billion this year. And by taking a non-discriminatory approach, a signal is sent to all foreign capitals that Canberra sees these trade and investment relationships being of long run benefit to both sides.True, China dominates lithium processing globally.
Even as Canberra needs to be alive to geopolitical risks emanating from China, it cannot afford to be naive.Earlier this month saw an announcement of a “huge lithium discovery” in Nevada. If US consumers can access competitive domestic supply, who imagines they would still choose to import from Australia?
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