Australia’s government has bailed out Trafigura’s lead and zinc smelters to stave off their collapse on the condition that the global commodity company pushes to develop a new supply chain for critical minerals.
Canberra is also considering setting a floor on the price of rare earths and some critical minerals to underpin the viability of projects as part of a wider policy to break China’s grip on the strategic sector.
The plan, pledged during Prime Minister Anthony Albanese’s election campaign this year, is aimed at carving out a role for Australia as an important non-Chinese supplier for the global defence and energy industries.
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