His comment follows a recent agreement by Prime Minister Malcolm Turnbull and United States President Donald Trump to “work together on strategic minerals exploration, extraction, processing, and research and development of rare earths and high performance metals”.

Alkane Resources reports to be “moving towards final commitments and financing” of the Dubbo Project, containing deposits of rare earths, hafnium, niobium and zirconium. It is highlighting the project’s ability to produce“critical technology metals” independently of China and traditional titanium sands production. China currently produces more than 95 per cent of the world’s zirconium chemicals and more than 90 per cent of high-value rare earths, while Brazil provides 85 per cent of the world’s niobium.

Mr Earner said governments of Australia and the United States had recognised the value of an alternative source of rare earths and high-performance metals.

“As there is increasing demand for the metals that are critical for uses in aerospace, renewable energy and electric cars, Alkane as a future supplier of these metals is likely to benefit from this new government prioritisation which puts the project directly into the national interest of both countries,” he said.

The Dubbo Project is “construction ready subject to financing” and has a mine life of more than 70 years. Alkane’s Tomingley Gold Operations has supported the development of the Dubbo Project.