Macron woos Australia on critical minerals
London | Australia’s journey out of French President Emmanuel Macron’s diplomatic doghouse took another step forward on Thursday (AEST), as the two countries signed a pact to work more closely on supply chains for critical minerals.
The deal underscores Europe’s increasing interest in securing minerals, rare earths and hydrogen from Australia, as the Continent’s automotive and green-energy industries scramble to curb an overwhelming dependence on China.
French President Emmanuel Macron wants to secure critical minerals for his country’s green energy transition. Bloomberg
But with the US government’s Inflation Reduction Act pouring billions of public money into its transition-related supply chains for critical minerals, Resources Minister Madeleine King has warned the Europeans they need to “get moving or miss the boat”.
Ms King signed the agreement in Paris with France’s Energy Transition Minister, Agnes Pannier-Runacher. She said it committed the Albanese and Macron governments to rushing out a joint study into how they might “overcome obstacles to secure, stable supply chains for critical minerals”.
The deal marks a fresh step in the rapprochement between France and Australia following the election of Albanese government last year. Mr Albanese has been able to stanch some of the bad blood that flowed after former prime minister Scott Morrison’s unilateral and surprise exit from a $90 billion contract to buy French submarines.
France has little choice but to seize on any possible alternative partners to China, as it seeks supplies of raw materials such as lithium and cobalt for its electric vehicle industry and battery storage needs.
In May, the Macron government announced a €2 billion ($3.3 billion) fund, comprising
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