Africa's critical mineral producers are shifting from hosting resources to setting terms, and a recent intelligence briefing shows the leverage is real, the value capture is not yet, and the read-through for Australian operations is sharper than the geopolitics suggests.
Australia's share of China's lithium concentrate imports has almost halved since 2022, but the interesting question is not who took it – it is why they are being paid so much less for it.
If you think the most exciting innovations in critical-minerals exploration are happening in labs or boardrooms, you might want to take another look at the drill pad.