Australia and France have signed a pact to work more closely on critical minerals supply chains, as the European Union looks to reduce its dependency on China for lithium and other heavy rare earths.
Resources minister Madeleine King signed the Bilateral Dialogue on Critical Minerals agreement with France’s Minister for the Energy Transition Agnès Pannier-Runacher overnight in Paris, ahead of the Critical Minerals and Clean Energy Summit.
Australia and France will be working together to reduce China's dominance in critical minerals supply chains. Europe aims to process 40% of its strategic raw materials by 2030 and is currently reliant on China for 80% of its lithium and 100% of its heavy rare earth mineral supplies. The new agreement between Australia and France will focus on a joint study to identify the types of batteries and rare earth magnets needed for energy transition, medical, and defence applications.
This agreement marks the third pact signed this year, following similar agreements with:
Australia holds the distinction of being the largest global producer of lithium, with an impressive production capacity. However, a significant proportion of the raw material, approximately 85 percent, is currently refined in China. Additionally, Australia ranks as the third-largest producer of cobalt and the fourth-largest producer of rare earths, highlighting its significant contribution to the critical minerals market.
https://www.innovationaus.com/australia-france-sign-pact-on-critical-minerals-supply-chains/