Joe Hockey, the former federal treasurer and Australian ambassador for the United States, has stressed to a mining conference the global importance of the nation’s resources as war rages in the Middle East.

Addressing this year’s Diggers and Dealers conference in the WA gold mining hub of Kalgoorlie as the keynote speaker, Hockey said the war in Iran should be of significant interest to delegates, due to its economic impact and the role Australia’s resources played in the defence industry.

“A Virginia-class submarine has two tonnes of critical minerals and rare earths in it,” he said.

“The Americans only realised four years ago that a lot of that’s coming from China.

“So now America has looked at its supply chains and said, ‘Who can we trust’, and Australia steps up, and that’s why you guys are so important.

“That’s why this industry is so important. It’s not just about Australia. It’s not just about 10 per cent of GDP or 60 per cent of exports.

“It’s actually crucial for the world.”

In his role as ambassador from 2016, Hockey was responsible for Australia’s relationship with the US during the final year of Barack Obama’s presidency and the first three years of Donald Trump’s first term.

When asked what was behind the conflict in the Middle East, Hockey said everything came back to Russia.

“People need to understand … Russia is the player in this,” he said.

“Putin’s view – and I’ve met Putin, he’s an evil human being – he’s got himself very deep into Ukraine. It’s very messy. The best way he can manipulate America is to make America’s life hell in the Middle East.”

Hockey said Russia also benefited from the conflict, as Ukraine did not get the Patriot defence missiles because the US was putting them into Kuwait and Qatar.

“So for Russia, it’s a win-win conflict between Iran and the US,” he said.

“They’re getting all the munitions going to every other country, bar Ukraine.

“They’ve got oil prices up at $100 a barrel, and they’re selling to India and other places who need the oil desperately.

“So Russia is right behind attacking the Strait of Hormuz, and they’re behind the unprovoked attacks at the moment.”

In 2020, Hockey founded investment and advisory group Bondi Partners to offer strategic advice to clients and identify emerging investment opportunities across Australia, the US and the UK.

He told the conference that his firm dealt directly with the US Department of Energy, and helped Australian companies in partnership with the US Embassy to access that money.

Hockey noted America had recently changed its investment policy, with a lessened focus on backing US companies, and considering more overseas opportunities.

“The US government, naturally enough, would only invest in US companies, but that’s not going to deliver them their supply chains,” he said.

“So now they are actively investing in Australia on the ground, backing Australian companies.

“I think it’s going to continue to grow with off-take agreements focused on the US and everyone – Australian government, US – they’re looking how to get away from off-take agreements with China.”