Rob Scott, CEO of Wesfarmers, said the company is preparing to develop lithium reserves in Western Australia.
Australia can also seize this opportunity to become a major producer and exporter of electric vehicle minerals.
Earlier this year, Wesfarmers acquired Kidman Resources for $776 million.
Kidman Resources has huge reserves of lithium minerals in Western Australia.
Lithium is a key component used in the manufacture of electric vehicle batteries.
Rob Scott told Skyicks commercial editor Ticky Fullerton that the quality of the Australian lithium mine is very good.
In the future, we can see places like Kwinana in southern Perth, which are the lithium mine production centers needed for electric vehicles.
