Photo by: Bloomberg
PERTH (miningweekly.com) - Federal, state and territory Ministers for Resources and Mining have expressed support for Australia’s critical minerals sector and reaffirmed a commitment to attract foreign investment for resources projects after a roundtable in Brisbane.
The roundtable was held on the side-lines of the World Mining Congress in Brisbane.
Minister for Resources and Northern Australia Madeleine King used the ministerial roundtable to update state and territory ministers on the new Australian Critical Minerals Strategy, which sets a vision to build the sector and downstream processing of critical minerals, and to strengthen international partnerships and supply chains.
“The Australian government is committed to working with the states and territories to boost the development of our critical minerals sector and create new jobs in processing those minerals into materials that are crucial for the clean energy future,” King said.
“The strategy sets out a plan for how Australia can become a globally significant producer of raw and processed critical minerals and boost economic opportunities for First Nations people and across regional communities.
“Through the Resources Ministers’ Roundtable, we are working to build a common understanding of how governments can maximise these opportunities for the benefit of all Australians.”
King told delegates at the Queensland Critical Minerals Investor Forum that the Strategy is a whole of government plan to 2030 and will be an enduring framework to guide future Australian government policy decisions.
“The strategy recognises the importance of crowding in investment finance to develop new projects and grow Australia’s downstream processing capability.
“I am pleased to report that Ministers have agreed to work together on a more joined-up approach to attracting new investment, building on the work of Australia Minerals and Austrade,” she added.
However, King warned that the Critical Minerals Strategy was not designed as a ‘shopping list’, adding that Australia could not outspend economies significantly larger than its own.
“I understand some have become accustomed to a different mode of policy-making where financial support has been given primacy over strategy and planning. Financial investment by governments to support strategic projects where the market cannot is, of course, very important.
“We know that opaque markets for critical minerals make investment decisions difficult.
"But it is wise to establish what strategic investment looks like with the benefit of a well-thought-out, considered and inclusive strategy. This is what the federal government has done,” she said.
Ministers at the roundtable also discussed the development of Australia’s Future Gas Strategy.
King said that state and territory jurisdictions would play an important role in shaping the development of the strategy, which will articulate the future role of gas in supporting Australia’s energy system to reach 82% renewables by 2030, and underwrite the energy security of its key trading partners.
The roundtable included representatives from all states and the Northern Territory.