Fuel security concerns will dominate Federal Resources Minister Madeleine King’s visit to Japan this weekend, with talks expected to focus on diesel and LNG supply chains and Australia’s role as a long-term energy exporter. King is also set to discuss Japanese investment in Australian critical minerals projects, including lithium, nickel and rare earths, amid pressure to diversify away from single-country processing hubs. Outcomes could influence future offtake agreements, funding for new mines and refineries, and infrastructure for secure fuel storage and shipping routes.

Gold slipped below $5,100/oz on Friday, touching about $5,020 and heading for a second straight weekly loss as the Middle East war drives up oil and gas prices and keeps interest rate cut expectations low. The metal has traded in a tight $5,000–$5,200/oz range since an early-month spike after the US-Israeli strike on Iran, and is now almost 9% off its late-January record near $5,600/oz, though still 17% higher year-to-date. Silver fell almost 5% to just above $80/oz, with only a 10% gain so far in 2026.

Rio Tinto is slowing construction of the Nemaska lithium hydroxide conversion plant at Bécancour, Quebec, cutting its contractual workforce by about 50% while keeping several hundred workers on site, but still targets commissioning this decade and first production in 2028. The plant is roughly 70% complete, designed for 32,000 tonnes per year of lithium hydroxide, with Rio planning US$300 million of investment alongside a C$200 million commitment from the Quebec government, which retains 46.1%. Nemaska’s integrated project is based on a 26‑year Whabouchi open‑pit/underground mine producing 200,000 tonnes of spodumene concentrate annually, though Rio is reassessing feed against its Galaxy hard rock project, with a decision due in H2 2026.