Cooperation critical for 'future growth' is key message at mining forum

The Diggers and Dealers Mining Forum in Kalgoorlie-Boulder is set to host over 2,500 delegates this week, with former federal treasurer and US ambassador Joe Hockey delivering the keynote address. The event focuses on geopolitical events and critical mineral supply chains, drawing together different factions of Australia's resources sector.

The conference features high-profile industry leaders in both the coalface and financial sectors. Iluka Resources, a company not expected at the forum, is constructing a $1.8 billion rare earths refinery in Western Australia's Midwest, which is currently reliant on Chinese supply chains. Iluka's head of rare earths, Dan McGrath, revealed that discussions with potential partners remain confidential due to the risk of China disrupting the supply chain.

In June, Iluka signed a $155 million deal with an unnamed global car manufacturer for magnet rare earth oxides from 2028, supporting the first four years of the Eneabba refinery's operations. The refinery, about 60% complete in a small farming community 280 kilometers north of Perth, will produce essential materials for electric vehicles, wind turbines, and weaponry.

Australia's relationship with the United States is crucial as rare earths are currently under China's control, making domestic manufacturing a priority for the nation and like-minded democracies. Federal government backing for the Eneabba project includes a $1.65 billion loan from the Critical Minerals Facility. Australia's High Commissioner to India, Nagesh Singh, emphasized the importance of international cooperation in securing access to critical minerals during his visit to the Kalgoorlie refinery owned by Lynas Rare Earths.

Singh highlighted that resource access should be democratized, avoiding any threat of denial, for the benefit of nations worldwide.