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WA and France signed a letter of intent at IMARC today aimed at strengthening critical minerals supply chains, in a move that could bring French investment to WA projects and greater cooperation in processing, refining and access to international customers.
WA Development and Economic Diversification Minister David Michael and French representatives formalised the agreement, which will establish a framework aimed at deepening bilateral trade, investment and collaboration.
French Interministerial Delegate for Ores and Metals Supplies Benjamin Gallezot said France had financial mechanisms available to support the development of WA critical minerals projects.
“We have financial tools to support projects, whether it is through equity financing or loan financing,” he said.
Key areas of interest include cooperation in mineral processing and decarbonisation, combining WA’s mineral resources and mining expertise with France’s capabilities in metallurgy, engineering and industrial technologies.
New uranium mines off the table for WA?
Asked by The Australian Mining Review whether growing international uranium demand highlighted by the French delegation could prompt the WA Government to reconsider its uranium mining policy after the next state election in 2029, Minister Michael said a policy change was not currently under consideration.
“It’s not something under consideration at the moment,” he said.
“As I said, it is important that we keep our election commitments, but what we won’t do is stand in the way of previously approved projects, and it’s on those companies to maintain their approvals.”
Mr Gallezot acknowledged WA’s policy position, saying that uranium development remained a political decision for the State Government.
“There is no short-term shortage of uranium,” he said.
“We have our policy in France and we have several supplies that are available. On a long-term perspective, we consider that we have to collectively develop uranium resources.
“It’s first and foremost a choice of the Government of WA.”
Green iron in conversation
Beyond the potential for French financial support, both WA and the French delegation placed particular emphasis on opportunities in green iron, advances in downstream processing and decarbonisation.
The French delegation identified WA’s iron ore reserves and renewable energy potential as key advantages in the transition towards lower-emissions steelmaking.
Mr Gallezot said the global steel industry was moving towards a new production model based on electricity, processed iron products and recycled steel, creating opportunities for WA to move further downstream.
“There is, in our view, a new paradigm in the steel industry,” he said.
“WA has iron ore and renewable energy, so it can produce iron pellets and be a supplier not only for Europe but worldwide.
“It’s the future of steel, in our view, to pivot to electric steel.”
Minister Michael said WA was positioning itself to capitalise on the opportunity, pointing to the State Government’s $75m funding commitment to the NeoSmelt pilot project.
“From a Western Australian point of view, we view green iron and steel as an incredible opportunity for our state,” he said.
Minister Michael also said the State Government was preparing a Green Steel and Iron Action Plan, which it hoped to release in 2027.
“Cracking the code of getting Pilbara iron downstream in WA would be an enormous opportunity for Western Australians, but also for steelmakers around the world,” he said.
Today’s agreement comes amid international efforts to diversify mineral supply chains and develop alternative refining and processing capacity.
France is Australia’s tenth-largest source of foreign direct investment, with two-way trade between WA and France exceeding $900m. More than 50 French companies are active in or export to WA, while more than 20 WA companies operate in or export to France.