The chief executive of taxpayer-backed Iluka Resources has praised Western governments’ efforts to loosen China’s grip over rare earths, which include Australia’s proposed creation of a $1.2 billion critical minerals stockpile.
Iluka Resources managing director Tom O’Leary said Western governments had acknowledged “China’s monopoly” over rare earths – a position that allows Beijing to control pricing and supply of the critical minerals, harming global rivals.
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