European carmakers need to “get moving or miss the boat” for investing in Australia’s critical raw materials, the country’s minister for resources has said, as Canberra seeks to capitalise on its vast mineral reserves.
Australia supplies about half of the world’s lithium, used in batteries, and is the fourth-largest exporter of rare earth oxides, used to make permanent magnets for technologies such as electric cars and wind turbines.
Madeleine King told journalists in Brussels on Tuesday that European carmakers and other manufacturers dependent on critical minerals for the green transition risked falling behind competitors if they were not prepared to invest to secure supplies.
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