France Sees Growing Investment Opportunities in Australian Critical Minerals, with Rare Earths, Tungsten and Antimony in Focus

Deepening Cooperation in Australian Refining and Critical Minerals Value Chains

ACB News | David Niu

France Sees Growing Investment Opportunities in Australian Critical Minerals, with Rare Earths, Tungsten and Antimony in Focus

France is strengthening its engagement with Australia's critical minerals industry, with French companies and financial investors showing growing interest in rare earths, tungsten, antimony and battery metals. France is also seeking closer cooperation with Australia in mineral processing and refining, supporting the development of domestic refining capacity and more diversified, resilient supply chains for European industry.

Photo: Western Australian Minister for State Development David Michael and Benjamin Gallezot, France's Interministerial Delegate for Strategic Metals and Minerals Supply, sign a Letter of Intent on critical minerals cooperation during IMARC 2026. (Photo courtesy of the Embassy of France in Australia.)

Western Australia and France signed a Letter of Intent (LOI) on critical minerals cooperation during the International Mining and Resources Conference (IMARC 2026) in Sydney last week, setting out plans to strengthen collaboration in mineral processing and refining, research and development, and industrial investment.

During the conference, Benjamin Gallezot, France's Interministerial Delegate for Strategic Metals and Minerals Supply, spoke exclusively to ACB News, an official media partner of IMARC 2026, about France's investment outlook for Australia's critical minerals sector, opportunities in downstream processing and refining, and the prospects for closer strategic cooperation.

Gallezot identified closer engagement with Australia's Critical Minerals Strategic Reserve as a significant opportunity over the next 12 to 24 months. He said such cooperation could help develop value-chain proposals that support critical minerals projects and provide a more favourable market environment for their development.

In an official statement accompanying the signing, Gallezot described the LOI as an important step towards diversifying critical minerals supply chains and strengthening industrial capabilities. He reaffirmed Australia's position as a key partner for France and emphasised the importance of cooperation across the value chain, from industry to research and development.

French Investment Interest Grows, with Rare Earths, Tungsten and Antimony in Focus

Australia occupies an important position in France's long-term critical minerals strategy.

Gallezot pointed to Australia's extensive mineral resources, established mining expertise and industry experience as key strengths underpinning the partnership.

"Australia has, I would say, almost all of the minerals that are of huge interest," Gallezot said.

Those resources span battery metals, rare earths and strategic materials required for defence and other industrial applications. France and its Australian partners are examining cooperation opportunities across these minerals and their associated supply chains.

Asked how French investment in Australia's mining and critical minerals sector could evolve over the next three to five years, Gallezot said he expected investment by French industrial companies and financial investors to increase, particularly in rare earths, antimony, tungsten and other critical minerals.

French capital is already participating in Australian mining development.

In March 2026, French investment firm InfraVia participated in a financing package for ASX-listed Core Lithium (ASX: CXO), supporting the restart of its Finniss Lithium Operation in Australia's Northern Territory.

The approximately A$290 million financing package included around A$99 million in convertible note funding provided jointly by InfraVia and global commodities group Glencore.

Gallezot highlighted InfraVia's involvement in Core Lithium as a notable example of French investment in Australia's critical minerals sector.

He also noted the growing importance of critical minerals in France–Australia diplomatic relations and international cooperation, with closer engagement creating further opportunities for industrial companies and financial institutions in both countries.

Beyond rare earths and battery metals, tungsten and antimony are also attracting French interest. Both minerals have important applications in industrial and defence supply chains, where access to reliable long-term supplies remains a significant consideration.

Refining Bottlenecks Put Australia's Downstream Processing Potential in Focus

For France, access to mineral resources is only one part of building secure critical minerals supply chains. Developing reliable processing and refining capacity is equally important.

"For most of the critical minerals, I would say the bottleneck is in refining," Gallezot said.

With refining capacity concentrated in a limited number of countries, France sees considerable potential to work with Australia to develop more domestic processing and refining capacity, establishing more direct and diversified supply routes to European industry.

Gallezot explained the rationale in straightforward terms:

"To make it simple, it's much more straightforward to mine in Australia, refine in Australia, and ship to Europe and France, rather than mine in Australia, refine elsewhere, and then go to France or Europe."

This approach aligns closely with Australia's efforts to expand domestic mineral processing and refining and capture more value from its natural resources.

Gallezot emphasised that Australia is an important partner for France not only in resource development but also in downstream industry. He noted that expanding local processing and refining capacity is a priority for the Australian Government at both federal and state levels.

France is already working with Australian government counterparts to advance cooperation in this area.

Expanding refining capacity, however, presents practical challenges.

Gallezot specifically identified access to energy and electricity as an important consideration for the development of Australia's mineral refining industry.

Despite these challenges, he said Australia had the capabilities and potential to further develop its downstream minerals industry.

Strategic Reserve Cooperation Offers New Prospects for the Next 12–24 Months

Australia's developing Critical Minerals Strategic Reserve is another area in which France sees opportunities for closer cooperation.

Gallezot identified strengthening links between France and Australia's strategic reserve as one of the significant prospects for the next 12 to 24 months.

He said the two countries could explore value-chain proposals for businesses that would help support critical minerals project development and create a more favourable market environment.

Such cooperation could also strengthen ties between France and Australia at both government and business levels.

Gallezot highlighted France's specialised expertise and industrial capabilities in rare earth processing and refining as an important contribution to potential future partnerships.

Alongside rare earths, he identified tungsten, antimony, lithium and other battery metals as areas of potential cooperation, stressing that these were examples rather than an exhaustive list.

Specific arrangements involving the strategic reserve and related industrial cooperation remain to be explored.

From Federal Engagement to Western Australia: Strengthening Government and Industry Partnerships

The LOI signed by France and Western Australia at IMARC adds a state-level dimension to the broader bilateral critical minerals cooperation established between France and Australia in 2023.

According to official statements issued by both governments, the partnership brings together Western Australia's substantial mineral resources, established mining expertise and growing processing capabilities with France's strengths in mineral processing, metallurgy, engineering and industrial technologies.

Gallezot explained that advancing critical minerals cooperation required engagement with Australia at both federal and state levels.

He described Western Australia as one of the world's major mining jurisdictions, with extensive resources and a well-established mining industry, making it an important partner in France's broader cooperation with Australia.

The LOI provides a framework for further collaboration in midstream and downstream processing, recycling, research and development, skills development and industrial investment.

Gallezot said France would continue strengthening its engagement with Western Australia, pursuing closer government-to-government cooperation alongside deeper business-to-business relationships between French and Australian companies.

Editor's Note: This interview was based on written questions from ACB News and facilitated by the Embassy of France in Australia. Our sincere thanks to the Embassy and Ms Agathe Schibler for their invaluable support in making this interview possible.