Australia is investing heavily with a billion-dollar loan to Iluka Resources, a mining company, to extract rare earth minerals and challenge China's dominance in the global supply chain. This strategic move aims to create an alternative source for these critical materials essential for electric vehicles, wind turbines, and defense equipment.

• The Australian government is providing A$1.65 billion ($1 billion) to Iluka Resources for building a rare earths refinery in Western Australia.
• Iluka Resources has a million-tonne stockpile of rare earths, valued at over $650 million (£440 million), as a byproduct of its zircon mining.
• The refinery is expected to take two more years to build and come online, with Iluka aiming to supply a significant proportion of Western demand by 2030.
• China currently accounts for over 50% of global rare earth mining and almost 90% of processing, with the US sourcing 80% of its rare earth imports from China.