The country is currently the biggest producer of the two crude metals, and a restriction on more smelters coming online could hit Chinese stainless steel producers.
While seabed mining remains technologically and commercially unproven, rising demand for metals crucial to decarbonization are already unleashing a gold rush to the bottom of the sea.
Adding more capacity to refine metals into specialist chemicals or materials and building expertise in manufacturing lithium-ion cells or battery packs, would enable the battery industry to contribute about A$7.4 billion to the nation’s economy by 2030.
The United States earlier this month said it would work with allies to secure the minerals needed for electric vehicle batteries and process them domestically.