ANDREW CLENNELL: Well, Australia's largest aluminium smelter could become unviable in just two years. Joining me live in the studio, Resources and Northern Australia Minister Madeleine King. Thanks for your time. Let me start by playing you this first of all, this is the Prime Minister in January speaking about the Tomago smelter's future alongside Labor MP Meryl Swanson.

[Excerpt]

MERYL SWANSON: Every day, every minute of every day it produces 37 per cent of Australia's primary aluminium.

ANTHONY ALBANESE: This is what a future made in Australia looks like. Us taking the products that come out of the ground in Weipa at the bauxite mine, making sure that work occurs at Gladstone, and then the final product comes out here at Tomago.

[Excerpt ends]

ANDREW CLENNELL: Madeleine King, this is what a future made in Australia looks like - closure.

MINISTER MADELEINE KING: Andrew, what I know is that the Prime Minister, the member for Paterson, all the members in the Hunter region and myself included will continue to visit facilities just like Tomago because we stand with the workers in what is a remarkably, hard time for them as they hear from the owners of that facility about - talking about its future. So, I accept it's a very difficult time for the workers and for the community at large. I've been to Tomago, I've been --

ANDREW CLENNELL: They're talking about energy prices as the reason --

MINISTER MADELEINE KING: They are talking about a number of things --

ANDREW CLENNELL: Do you take any responsibility?

MINISTER MADELEINE KING: They are looking at a number of things, so, one of the things they said, and that's in their Rio's published reasons, is that they haven't been able to get secure enough renewable energy as they have in their Queensland sites. So, this is directly a result of the 10 years of inaction of the former government --

ANDREW CLENNELL: But what about your responsibility?

MINISTER MADELEINE KING: That has left this part of the world without alternatives to coal, coal energy. This is also what Rio said is that the coal-fired energy is, that is the price driver that is too high and that is what is diminishing. And nothing was done in 10 years under the former government, and we're left to clean up the mess, and unfortunately, it does take time.

ANDREW CLENNELL: Doesn't it show the government's failing on energy prices and the energy transition, though?

MINISTER MADELEINE KING: Absolutely not. We came into government four years ago and we've been full steam ahead trying to get this to happen. And it is a challenge, no doubt about it.

ANDREW CLENNELL: But how do you get from that January - look at this place, this is future made in Australia to this? It's embarrassing, isn't it? For the PM?

MINISTER MADELEINE KING: Well, we will continue to work with the owners at Tomago, with everyone. We want all concerned parties at the table to try and find a way through the difficulties of Tomago. What we have seen around the world, but particularly in Western democracies like ours that are open to open market forces, is they are under pressure by artificial cost of production in other countries. Tomago's part of that. Just like the BHP Nickel West refinery in my electorate was just like the BP refinery before that, just like the Alcoa refinery as well.

ANDREW CLENNELL: So, more government money, maybe? They seem to get these bailouts.

MINISTER MADELEINE KING: It will need the support of everyone involved. And we are talking with the owners. We continue to talk to the state government. We want everyone to turn up with a proactive way of making sure the workers of Tomago and their families can see a bright future.

ANDREW CLENNELL: First time I've interviewed you since your trip to the White House. How was the President in the Oval Office after we saw you?

MINISTER MADELEINE KING: Well, very warm, very welcoming. The American administration and President Trump, the Secretaries of War, the State Secretary, the Secretary of the Navy, as well as the Secretary of the Interior, were all very warm and welcoming to the Prime Minister, to me personally, but also, of course, to Minister Ayres and our team.

ANDREW CLENNELL: Did they tell you what AUKUS improvements they want?

MINISTER MADELEINE KING: They - you heard the announcements, I know you were there, Andrew.

ANDREW CLENNELL: And I wonder afterwards, did they say, 'Oh, these are the improvements we just spoke about at the press conference.'

MINISTER MADELEINE KING: Look, this was a congenial, convivial conversation, private conversations around a great many things and some of them were to do with, you know, really what a remarkable building we were in at the time.

ANDREW CLENNELL: Indeed. Did Donald Trump, including the new ballroom, no doubt. Now, did Donald Trump and Kevin Rudd end up on good terms?

MINISTER MADELEINE KING: Yes, absolutely.

ANDREW CLENNELL: So, they had a bit of a chat in the Oval Office?

MINISTER MADELEINE KING: We all had a chat, actually, and it was very warm with everyone there, and I'm really grateful for the opportunity to experience that. As a kid from Rockingham, you don't expect to end up in the White House, especially not the Oval Office.

ANDREW CLENNELL: Indeed. You've just flown back from Washington, then and now you have to fly back there to Canada.

MINISTER MADELEINE KING: Yes, yes.

ANDREW CLENNELL: For a G7 Resources Ministers meeting. What are you seeking to achieve there? And my commiserations.

MINISTER MADELEINE KING: Yes, it is a long way, and this time last week I was an hour and a half away, I think, from Toronto. Well, Parliament's important, of course. My primary job is to be here as a Member of Parliament. This is a G7 Plus Ministers meeting focused on energy, security and importantly, how critical minerals form part of that energy security as well as in its defence applications and other G7 security needs. So, that's what we'll be talking about, how we work together to make sure we can mine and process all these products. Australia gets a seat at this table. We're not part of the G7, but we get a seat at the table because of our strong resources sector.

ANDREW CLENNELL: Interesting article by a couple of academics saying 5 billion of public money in the metal industry, the minerals, critical minerals industry, and yet the minerals have a global trade of less than 6 billion a year.

MINISTER MADELEINE KING: Well, this is the problem, isn't it?

ANDREW CLENNELL: It's tough.

MINISTER MADELEINE KING: Yeah, it really is tough, isn't it?

ANDREW CLENNELL: And we're facing the start, the beginning of the beginning, these people have said.

MINISTER MADELEINE KING: Well we are, and the industry itself, though has been working on this for some time. So, the seven projects announced for financing just last week have been in train. But you know, it's been difficult to get capital because of the market failure in this space. And you know, Australia has the chance and we're taking it to step up globally to lead in critical minerals and rare earths. We have the opportunity, we have the resources, we have the workforce, we have the resources sector. And we have a great alliance now with the US with the framework.

ANDREW CLENNELL: How much can we impact China, producing 90 per cent of the world's critical minerals?

MINISTER MADELEINE KING: Look --

ANDREW CLENNELL: It's pretty big to have any impact, isn't it?

MINISTER MADELEINE KING: It's a massive impact. Well, even a 10 per cent impact is a big impact, and that's what we're going to gun for --

ANDREW CLENNELL: You want 10 per cent of the world's market?

MINISTER MADELEINE KING: That's what I want. I mean, I've got to work through --

ANDREW CLENNELL: What are we at the moment?

MINISTER MADELEINE KING: About four. So, we've got a lot to do, and it depends on which mineral, actually. So, it does change. So, I don't want to create the wrong impression there.

ANDREW CLENNELL. So, short.

MINISTER MADELEINE KING: Yeah, yeah or oversell to be frank. But the thing is, we need to apply ourselves to this challenge. And this is not a boom, as some people are liking to say about it. It is driving an industry. But we had to do the same with iron ore, even LNG. Government always has to get at the start of an industry, and we are leaning into this one.

ANDREW CLENNELL: Where is the 1 billion from the Australian and US governments that was announced going to go? 1 billion each. How's that going to work?

MINISTER MADELEINE KING: We will work through which projects we've identified of course, the seven that already has support from US Export-Import Bank and that we have supported through Export Finance Australia. There are many talks. Obviously, we've got one of the administration in town this week in Perth, and Mr Josh Kroon will be in Canberra later this week. I'm sad to miss him but --

ANDREW CLENNELL: Who's he?

MINISTER MADELEINE KING: He's one of the special advisors to the President on critical minerals.

ANDREW CLENNELL: Oh, okay.

MINISTER MADELEINE KING: But I did meet him virtually before he went over to the US.

ANDREW CLENNELL: Will we see billions more in next year's budget for critical minerals?

MINISTER MADELEINE KING: Well, I won't get ahead of myself on that. Obviously, the government and the cabinet of this government is determined to make this industry work for our national security, for our clean energy future as well.

ANDREW CLENNELL: Should there be a special clause in your new environmental legislation re: critical minerals approvals?

MINISTER MADELEINE KING: Well, we have Minister Murray Watt working through this. There is no doubt new environmental reforms that make approvals and even applications for approvals move through the system quicker will be of great advantage to the critical minerals industry. That is why we are keen to get these passed so we can have the regime that the environment needs, but also that is good for industry. So, I urge the Opposition to have a good, hard look at themselves and come on board because this is a national interest matter.

ANDREW CLENNELL: Resources Minister Madeleine King, thanks so much for your time.

MINISTER MADELEINE KING: Thanks very much, Andrew.