#ABC News: Rare earth mineral deal inked by #US and #Australia — what does that mean?
Today, both Canberra and Washington announced a new partnership designed to shore up their ability to develop “critical mineral assets”, known as the Action Plan for Critical Minerals.
This will see Australian and American scientists and companies collaborate to find what minerals exist and where, in addition to mining data to model what minerals the market wants.
When contacted by the ABC about the partnership, a spokesperson for Australian Resources Minister Matt Canavan said it “makes sense to encourage a more diverse supply” of rare earths.
“To date, the explosion in demand for rare earth commodities has not led to a greater diversity in supply sources,” the spokesperson said.
“The concentrated nature of these markets also creates barriers to entry, with new suppliers facing the potential challenge of strategic behaviour by existing dominant suppliers.”