| The Pentagon held discussions with Resources Minister Madeleine King about how it could co-invest in an Australian nickel project alongside the Australian government to help mitigate the impact of a glut undermining future critical minerals self-reliance.
While the Department of Defence did not respond to inquiries on Thursday, Ms King said her explanation of the dire situation was received clearly by Mr La Plante and that she would meet with deputy secretary of state, Kurt Campbell, later on Thursday. “In this case, it maybe left to governments, but you know, government’s money is taxpayers’ money, so you need to account for what you do.”Australia’s Lynas Rare Earths received more than $120 million from US Department of Defence in 2022 to build a commercial processing facility in Texas. Lynas is one of the world’s largest processors of rare earths outside China.
She also said she was holding discussions with US-based commodities exchanges to have ESG standards formally recognised after the“LME is not the only exchange. We are supportive of transparency as well as competition and I think it won’t necessarily be long before one of the exchanges around the world does see the value in setting up a different market for nickel, and they’ll have their first mover advantage,” she said.
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