PERTH (miningweekly.com) – The Australian government has officially opened the new Critical Minerals Facilitation Office to support the development and growth of the critical minerals sector.
“We have the potential to become an international powerhouse in the supply of critical minerals with increasing demand from rising use of electric cars, renewable energy and smart phones,” federal Resources Minister Matt Canavan said.
“Australia has abundant reserves of critical minerals and rare earths and the government is committed to developing world-leading projects which improve diversity of supply in the global markets.
"The office will work with all levels of government, industry and the science and research sector to develop our critical mineral resources, maximise opportunities and develop downstream industries."
Canavan announced the Critical Minerals Facilitation Office in November, ahead of crucial talks in the US where the two countries formalised a partnership on developing critical minerals supply chains.
A detailed plan to support joint action will be further developed when senior officials meet in Washington in late February and will complement a range of actions Australia is pursuing with key international partners, including Japan, India and Europe.
Critical minerals projects will be eligible to apply for financial support through Export Finance Australia, the Defence Export Facility and the Northern Australia Infrastructure Facility. The Office will work closely with these funding facilities and the Clean Energy Financing Cooperation to help projects access finance.
Australia is one of the top five producers of critical minerals such as antimony, manganese, ilmenite and rutile and is the second largest producer of rare earths, with 13% of global production.