Australia receives a cautionary note as China is reported to be utilizing rare earths as a strategic tool.

Iluka Resources, a company specializing in mineral sands and rare earths, has delivered a strong cautionary message amidst China’s efforts to “weaponize” the supply of critical materials and impede Australia’s advancement.

During the annual general meeting in Perth on Tuesday, CEO Tom O’Leary emphasized the significance of rare earths, noting that China has demonstrated a willingness to exploit its control over them. He highlighted China’s dominance in production and its influence over pricing as key factors.

O’Leary expressed concern over China’s monopolistic production practices and its interference in pricing, which he identified as leading to market failure.