The Zhitong Finance App learned that Western Australia is seeking more overseas investment to increase the construction of the battery manufacturing industry. The state promised financial backers from allied countries that they would work to avoid restrictions on foreign ownership or profit repatriation.

Western Australian Mining and Petroleum Minister Bill Johnston said on Thursday that the battery mining industry is an important part of the state's future development, particularly in the downstream sector of refining and battery manufacturing. Johnston emphasized, “It's worth noting that investors are now discussing every link in the industry chain with them, including battery manufacturing.”

Western Australia is Australia's largest mining state, iron ore is its biggest export product, and Australia is also the world's largest exporter of lithium.

Earlier this year, Chinese lithium producer Tianqi Lithium (002466.SZ) formed a joint venture with local miner IGO to open an onshore lithium smelter near Perth. US lithium giant Albermarle and Australian conglomerate Wesfarmers are also building refineries.

According to the country's government data, Australia exported 520,000 tons of lithium carbonate last year, almost all of which came from Western Australia. So far, however, investment in battery manufacturing is still scarce.