I don't have a feel for the numbers, but does that hold true for aluminium and Australian bauxite exports?
Hmmm now I'm curious - google google google.
Refining bauxite into aluminium increases the price about 12 times from $40/ton for bauxite to about $2,700 per tone for aluminium which requires 5 tons of bauxite as an input.
Australia exports about 40,000kt of bauxite a year.
It requires about 15 kWh/kg to refine aluminium from bauxite.
So if we refined all that bauxite into aluminium before exporting it, we'd use about 600GWh of electricity to turn $1.6 billion worth of bauxite into $220 billion worth of aluminium. (And the economics is better than that, because there's only be 8 million tons or stuff to export instead of 40 million tons.)
Surely that extra 218 billion a year would be way better (for Australia) staying in our economy instead of having all that bauxite refined somewhere else?
On the other hand...
Sun Cable reckons it'll deliver 1.7GW to Singapore 24x7, or 15,000GWh. So refining _all_ the bauxite would only use 4% of that.
Australia generates about 280TWh of electricity over a year. So refining _all_ the bauxite would use only 0.2% of that.
So no. It sure as hell doesn't use "a lot of power", even if people do refer to aluminium as "solid electricity"...
That was a fun rabbit hole.
(Disclaimer: no effort made to verify numbers some of which were sourced directly from DuckDuckGo search response page snippets. Also, I'm notorious for dropping three orders of magnitude when doing mental math using kilo/mega/giga/tera prefixes.)