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Australia unveils A$2bn critical minerals boost

Prime Minister Anthony Albanese is visiting the US this week.

Prime Minister Anthony Albanese is visiting the US this week.

25th October 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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In a move that underscores Australia’s goal to secure its position as a global leader in critical minerals, Prime Minister Anthony Albanese has unveiled a A$2-billion expansion in critical minerals financing.

The financing will effectively double the capacity of the Critical Minerals Facility to $4-billion. With this expansion, the government’s total investment in enhancing the value of Australia’s resources will reach A$6-billion.

The facility is a dedicated financing entity that supports Australian projects involved in the mining and processing of minerals required for the transition towards a greener future.

Albanese said that he was committed to transforming Australia into a renewable energy superpower.

"Australians will benefit through this investment in critical minerals, through technology, skills, jobs and economic gains,” he said.

Albanese, alongside Resources Minister Madeleine King, made the announcement during their trip to the US on Tuesday, surrounded by industry leaders from both countries. This event followed the inaugural meeting of the Australia-US taskforce on critical minerals.

King said that the Australia-US taskforce had agreed on priority areas of work and immediate actions such as joint supply chain mapping and deeper cooperation between the two countries’ science agencies on critical minerals.

"The road to net zero runs through Australia's resources sector.

"The Australian government is providing significant support to de-risk investment in Australia's critical minerals sector. The Critical Minerals Facility is a cornerstone of that support, providing finance to strategically significant projects which can crowd in private investment.

"Coupled with our support for processing, we are well positioned to be a world-leading provider of critical minerals, including rare-earth elements, and to support global efforts on clean energy transformation."

HEAVY LIFTING
Albanese stated that Australia and the US were partners in many fields. “This is the one area where Australia is uniquely positioned to do some heavy lifting.”

“We have the sustainable, reliable supply. Thanks to Western Australia, we are the world’s largest supplier of lithium. We are the fourth largest of cobalt and the third largest of rare earths. We have shovel-ready projects ripe for investment. We are also a stable democracy, with a skilled workforce and strong environmental, social and governance credentials. Our industry has deep expertise at extracting minerals and a proven track record as a reliable producer and exporter of energy and resources. And, above all, we’re ambitious,” the Prime Minister said in an opinion piece published in The West Australia on Wednesday.

Edited by Creamer Media Reporter

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