Here's how to secure Australia's critical mineral wealth

Historically, we've coveted the processing industry for the much-valued job creation it brings to market. In the 1990s, BHP and Rio Tinto coerced through licensing conditions, established steel making facilities to process iron ore. But while we lead the world in iron ore mining, our lack of experience in steel manufacturing resulted in billion-dollar write-offs for both BHP (HBI) and Rio Tinto (HIsmelt) and the closures of their steel making facilities. Cost of labour and the distance to end markets generally means it is cheaper to process critical minerals offshore. POSCO recently estimated that it would be 40 per cent…