Cassie McCullagh: Now, Australia and France have just signed a pact to work more closely on critical minerals supply chains. It comes as the European Union looks to reduce its dependency on China for lithium and other heavy rare earths as the world transitions away from fossil fuels. Madeleine King is Federal Minister for Resources and she is with us. Good afternoon, Minister.

Madeleine King: Yeah, good afternoon Cassie, how are you?

Cassie McCullagh: Good, thanks. Now this new agreement will see Australia and France cooperate on a joint study into critical mineral supply. Which minerals will be examined?

Madeleine King: Well, we'll be examining the minerals people need to get to net zero. We know that to reach net zero we're going to have to create a whole lot of green energy technologies that require the various critical minerals that Australia is really fortunate to have an abundance of. It includes lithium, but also cobalt and graphite, and also some minerals that might not yet be on our critical minerals list, like nickel and copper. So, all these things and many others, there are many, all go together into products that are going to be vital for our road to net zero emissions.

Cassie McCullagh: Now, you've said that this joint study will look at what the governments of France and Australia can do to, quote, overcome obstacles to secure stable supply chains for critical minerals. What are some of the main challenges faced?

Madeleine King: Well, some of the main challenges is getting hold of these minerals. So, whilst in Australia we have a vast resources sector that's been very successful and productive and runs to a very high standard over many years, that's not necessarily the case for many countries in Europe. So, one of their obstacles is that they stopped mining pretty much in Europe many years ago, so they now turn to other places for that supply. And Australia is one of the places not only has the geology that provides these minerals, but also a stable and reliable and efficient mining sector that can deliver it. So, we stand well placed to be able to work together to make sure we can achieve these things.

Cassie McCullagh: Why is the European Union looking to reduce its dependency on China?

Madeleine King: Well, the thing is, there's a dependency. It is such a high level that no matter all the other considerations, such as geostrategic considerations, that dependency being so high is just simply not a good idea. It is wise to diversify and the same goes for any products you might want to buy, whether it's critical minerals or whether it's face masks, which we saw in the COVID Pandemic. You just need to have options. The world needs to have options and at the moment it doesn't. And Australia is well placed to be a competitor with China and that's something that is entirely sensible to do and we probably should have started doing it many years ago.

Cassie McCullagh: Are there plans to extend agreements like this beyond the EU to places like, well, the US. Or other parts of Asia?

Madeleine King: Well, we have different types of agreements with different parts of the world. So, we already have the compact with the US Government that Prime Minister Albanese signed off with President Biden. Also, I made a commitment early in the year, a declaration with the United Kingdom to work together, and there is a mineral security partnership as part of the International Energy Agency looking at similar things. But the important thing about the compact sorry, the declaration of intent yesterday with France is that France has made a commitment toward a 2 billion Euro fund to support critical minerals projects. And we want to make sure that Australia is well placed to participate in that fund, just like we're making ourselves well placed to participate in Inflation Reduction Act subsidies and funding of the US.

Cassie McCullagh: Right. Okay. So, lots there. Madeleine King, thank you for explaining that.

ENDS