BRICS Leaders Push for Local Currencies, Diversified Supply Chains in New Delhi Declaration

Australian miners may face a changing competitive landscape following the BRICS leaders' push for stronger critical-minerals supply chains and greater intra-BRICS trade. The New Delhi Declaration encourages reliable, responsible, diversified, and resilient supply chains, which could give resource-heavy BRICS members a larger role in supplying China and India. This could intensify iron ore competition for Australian producers like Rio Tinto, BHP, and Fortescue. However, critical minerals could present Australian miners with a bigger opportunity, as Indian Prime Minister Narendra Modi warned against the "weaponisation" of technology and critical minerals.