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Australia Moves to Break China’s Rare Earths Monopoly with New Supply Chain Plans

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China controls about 90% of global rare earth processing and production, dominating the market for metals critical to energy transition and defence. Experts warn Australia could struggle to secure vital defence equipment without an independent supply chain amid geopolitical tensions.

To counter China’s dominance, the federal government has backed a refinery project in Eneabba, Western Australia, where over one million tonnes of rare earth mineral sands are located. Canberra has granted A$1.65 billion in loans to Iluka Resources to build the facility, expected to open in 2027 and process key elements such as neodymium, praseodymium, dysprosium and terbium. However, current reserves could only sustain output for about seven years, requiring future supplies from other miners.

China has previously forced competitors out by oversupplying and driving down prices. Industry figures say such volatility deters investment. Resources Minister Madeleine King said the government will release a “critical minerals strategic reserve” plan by the end of next year, which may include virtual or physical stockpiles, price floors, and offtake agreements to shield against market manipulation.

King stressed Australia’s potential as an alternative global supplier, particularly for advanced defence applications. Analysts caution, however, that success hinges on whether international partners are willing to pay a premium for Australian rare earths.

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U.S. Investment Report Criticizes National Security Law, Hong Kong Government Responds Strongly

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The latest U.S. State Department Investment Climate Report commented on Hong Kong’s business environment, specifically criticizing the Hong Kong National Security Law and the Law on Safeguarding National Security. The Hong Kong SAR government expressed strong dissatisfaction, calling the report a malicious attempt to tarnish Hong Kong’s image.

The report stated that since the Law on Safeguarding National Security came into effect last year, Hong Kong’s investment environment has faced increased uncertainty. It argued that definitions of “espionage,” “state secrets,” and “foreign interference” are overly broad and vague, and their potential extraterritorial application could affect or harm routine business operations.

A government spokesperson responded that the implementation of the National Security Law has restored safety and stability to Hong Kong society, protecting citizens’ rights while enhancing the city’s attractiveness as an international financial hub. The spokesperson emphasized that Hong Kong’s excellent business environment continues to attract domestic and foreign investment, and that the government’s efforts to promote economic and social development have received international recognition.

The SAR government highlighted that Hong Kong continues to rise in international rankings in areas such as economic freedom, finance, innovation and technology, education, and talent, reflecting its core competitiveness. The government reaffirmed that under “One Country, Two Systems,” Hong Kong continues to follow common law, with an independent judiciary and a stable rule of law.

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China Becomes Top Destination for Australian Tourists, But Chinese Visitor Return Slows

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According to an Expedia report, Chinese cities have for the first time taken four spots in the top ten international destinations for Australian travelers, including the top three: demand for Shanghai rose 150% year-on-year, Shenzhen 130%, and Beijing 110%. Guangzhou, ranked sixth, also saw an increase of 55%.

Data from the Australian Bureau of Statistics shows that in July 2024, over 50,000 Australians returned from China, up 21% compared with the same period in 2019. However, Chinese tourist arrivals to Australia have been slower to recover, with only 112,900 visitors recorded in the same month—still 25% below pre-pandemic levels. Despite this, the industry considers China to remain the “fastest-growing inbound market.”

Margy Osmond, CEO of the Tourism & Transport Forum (TTF), noted that the slower-than-expected return of Chinese visitors has impacted retail, dining, education, and regional economies. In 2019, Chinese tourists spent A$10.3 billion in Australia across 1.328 million trips; by 2024, this had declined to A$8.1 billion and 829,000 trips.

To revitalize the market, Tourism Australia launched the A$130 million “Come and Say G’Day” campaign, featuring Chinese actor Yu Shi in promotional advertisements.

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Albanese Visit to UK Focuses on Domestic Reform, Not Republican Debate

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Australian Prime Minister Anthony Albanese recently met with King Charles III at Balmoral Castle in Scotland, making it clear that he will not hold a referendum on whether Australia should become a republic during his term. Albanese described the meeting as a “very pleasant lunch” and noted that discussions did not touch on severing ties with the UK or establishing a republic.

As the head of 15 Commonwealth realms, including Australia, King Charles’s role is largely ceremonial. Albanese emphasized that, while he personally supports a republican model, he respects the current system and previous decisions, and he reaffirmed his oath of allegiance to the King. He pointed out that the earlier “Voice to Parliament” referendum proposed under his government did not pass, and the government is now focusing on addressing practical concerns, such as the rising cost of living.

Albanese also highlighted that King Charles and Queen Camilla received a warm welcome during their visit to Australia last year, demonstrating that the monarchy continues to enjoy significant respect in the country. He stressed that the King understands his support for Australians serving as their own head of state while simultaneously respecting the existing constitutional system and government operations.

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