Inside Australia's billion-dollar bid to take on China's rare earth dominance

Australia is making a billion-dollar move to challenge China's rare earth dominance by investing in a massive stockpile of these critical minerals for electric vehicles and defense equipment in Eneabba, Western Australia. Iluka Resources, with a 1 million-tonne stockpile of rare earths, is set to build a refinery with the Australian government's A$1.65 billion loan to reduce reliance on China for rare earth supplies. As global demand for rare earths grows and concerns over China's supply control rise, this strategic investment aims to create a sustainable and independent supply chain outside of China by 2030.