Trade and Investment Commissioner, New South Wales Government, Australia, Malini Dutt has said that India is in talks with Australia to source rare earth minerals. The development assumes significance in the wake of rare earth magnet shortage caused by Chinese export restrictions. She said ‘India and Australia are talking about rare earth and there are blocks available. So there is an opportunity for India to take an early-stage block and have tie-ups with a few companies’. Besides rare earth, she said both private and public sectors in India have shown interest in copper blocks in Australia.

She said ‘There is a lot of interest around copper as well, given some of the conversations I have had. The interest is both from private sector and a PSU which is quite on the hunt for copper (blocks)’. she explained ‘you are aware there are smelters and companies like Adani has made a big investment. There is capacity available. There is an abundance of copper. That is one area people are looking at’.

China's restrictions on the export of rare earth elements and related magnets are affecting the domestic auto and white goods sectors. China controls over 90 per cent of the global processing capacity for magnets, used across multiple sectors including automobiles, home appliances and clean energy. Critical materials include samarium, gadolinium, terbium, dysprosium and lutetium, which are essential in electric motors, braking systems, smartphones and missile technology.