"China has since very deliberately and overtly sought to control the market for the purposes of supporting their downstream manufacturing and defence industries," says Dan McGrath, head of rare earths for Iluka Resources, in between driving us around the company's vast Eneabba site. And that is one of the reasons the Australian government is loaning Iluka A$1.65bn ($1bn; £798m) to build a refinery to meet demand for rare earths which Iluka sees growing by 50-170% by the end of the decade. And the reason it doesn't exist is because there is one supplier of these materials and they have the wherewithal to change where the market goes, whether that be in pricing or supply," Australia's resources minister Madeleine King says.
Published at: 2025-08-12 22:05:03
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