Resource nationalism has been on the rise over the past year, but Verisk Maplecroft believes the worst is yet to come for miners as governments try to claw back the financial losses of the pandemic.

News of the agreement comes as the Australian Taxation Office has hit the miner with a new $317 million bill.

Beijing's response to Biden executive order on critical minerals: "Artificial efforts to shift these chains and to decouple is not realistic."

"A lot would depend on the reaction of big Chinese players such as Shanghai Dalu Futures, which has amassed a $1 billion long position."