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

The Australian mining business is purely venal, transactional. It feels like 10c a tonne extra cost will make them shut down for better times. Most mines negotiate favourable tax holidays for decades against the capital investment hole they metaphorically and actually dig, and then find ways to avoid royalty payment. It's a small number of immensely powerful companies, some in private hands, they've cost elections by strategic investment in political advertising (a proposed petrol resources resource tax sunk the Labor party majority at a tight election for less than $150m of ad spend opposed, alleging job losses)

Australia was a supplier of rare earths before China went large on volume and price. The mines were shuttered and mapped reserves left untouched.

If you want strategic supply be prepared to pay a premium, the mining sector is not giving up profit.