Australian Mines LTD (AMSLF)

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Australia sees opportunity to boost critical minerals supply to U.S

Australia has a fresh opportunity to supply the United States with critical minerals after recent changes to U.S. regulation aimed at cutting its dependence on China, an Australian government report showed on Tuesday.

U.S. President Donald Trump in July signed five memoranda authorizing U.S. Department of Defense funding to be directed to resources or technology “essential to the national defense” in a move aimed at shoring up domestic supplies.

That opens the door for the United States to offer project funding for rare earths, a group of 17 elements used in products ranging from lasers and military equipment to magnets found in consumer electronics, according to the report by Australia’s Trade and Investment Commission.

China supplied 80% of the rare earths imported by the United States from 2014 to 2017.

“The U.S. government has taken the decision to reduce dependence on China-based supply chains. In the case of purchasing by the U.S. Department of Defense, this policy is now mandatory,” the Commission said in a report.

“This has opened a new opportunity for Australian companies to supply a growing U.S. specialist manufacturing industry with the required raw or semi-processed materials.”

U.S. President Donald Trump and Australian Prime Minister Scott Morrison were due to meet earlier this month to discuss details of an agreement on rare earth supply, according to a senior administration official.

No details of the discussions have since been released.


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https://www.reuters.com/article/us-australia-mining-critical-minerals/australia-sees-opportunity-to-boost-critical-minerals-supply-to-u-s-report-idUSKBN1WF1L2