PERTH (miningweekly.com) – Changes in Britain’s automotive industry are likely to spur new resource partnerships in Australia, Resources Minister Madeleine King said this week.
Speaking at the Australian-British Chamber of Commerce, King noted that the UK’s policy to end the sale of new petrol and diesel cars by 2030 would inevitably mean auto plants would require significant resources of rare earth elements, and battery minerals.
“By working together, Australia and the UK can reap great benefits and make big contributions to lowering emissions and to achieving our net zero commitments,” King said.
The Minister reiterated that critical minerals and rare earths would be of vital importance in reducing emissions and in the clean energy transition, and that Australia’s aim was to be a global supplier of raw and processed critical minerals by 2030.
“We will not just export the minerals we mine, we plan to develop industries onshore that can add value to them through chemical processing.
“Australia has vast reserves of critical minerals. Australia is the world’s largest producer of lithium, the third-largest producer of cobalt and fourth-largest producer of rare earths.
We also produce significant amounts of aluminium, nickel and copper. All of these minerals are needed to make electric vehicles, batteries and solar panels.
“Australia has well-established supply chains and trade links for resources and energy exports, and a reputation as an attractive and stable destination for investment. With the right settings and support for critical minerals, great things can be achieved,” she added.
However, King noted that Australia was unlikely to achieve its critical mineral aspirations on its own.
“A focus of our Critical Minerals Strategy will be to work with our international partners to build diverse, resilient and sustainable global supply chains.
“We need to work with other countries, such as the UK, to facilitate investment, collaborate on research and development, and shape emerging market rules and norms,” she said.
“I look forward to welcoming more UK investment targeted at critical mineral projects at all levels in Australia. We will work to create investment certainty and support for overseas businesses.
“The resources sector is key to reducing global emissions. There is no net zero without the resources sector. Australian resource projects are at the leading edge globally in deploying renewables, electrification and carbon capture and storage.
“I look forward to increasing investment in critical minerals and in the Australian resources sector more broadly from the United Kingdom as we forge new partnerships to reduce emissions and grow our economies. Australia and Britain may have differences from time to time, but scratch the surface and our bonds remain strong.
“The ties that bind will hold us together into the future. And good investment opportunities will continue to be embraced,” she added.