australia's critical minerals policy aims to capture greater value by expanding downstream processing and refining capabilities. However, this ambition faces significant challenges, particularly in the context of concentrated global supply chains and persistent non-market practices that distort competition. Despite strong resource endowments, australia's critical minerals production has struggled to scale in the face of these structural constraints. Refining is technically complex and economically demanding, requiring supportive geographic, infrastructural, and market conditions. This presentation by the Critical Minerals association australia (CMaa) will examine the core factors influencing the feasibility of local processing and refining, including energy needs, co-location benefits, environmental requirements, and access to technology and skills. It will also assess the broader geopolitical context shaping supply chain realignments and highlight both the comparative advantages and systemic limitations of the australian landscape. The session aims to contribute to a more grounded understanding of what is realistically achievable in australia's critical minerals value chain.