Australia and the European Union have formalised ambitions to diversify critical minerals supply chains away from China, including a carve out for Australia from new EU import restrictions.
The European Union’s (EU) recently adopted Critical Raw Materials Act puts a 65 per cent limit on the proportion of strategic materials needs it can meet through imports from a single non-EU country, which it aims to meet by 2030.
But a memorandum of understanding signed on Tuesday creates a pathway to exempting Australia from the new EU import restrictions.
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