Government pledges $2 billion towards critical minerals

Chunks of Petalite, petalite or castorite is an important mineral for obtaining lithium, battery industry, lithium source (critical minerals)
Petalite or castorite is an important mineral for obtaining lithium (Image: Shutterstock)

The Australian Government has announced a $2 billion expansion in critical minerals financing, which will help position Australia as a world leading provider, help the transition to net zero, boost the economy and support the workforce.

Related article: Call for bauxite and aluminium to be named critical minerals

This significant commitment will double the capacity of the Critical Minerals Facility to finance Australian critical minerals mining and processing projects. The expansion of the Critical Minerals Facility takes the government’s value-adding investments in Australian resources to $6 billion.

Prime Minister Albanese and Resources Minister Madeleine King announced the $2 billion expansion, surrounded by Australian and US industry leaders, after the inaugural meeting of the Australia-United States Taskforce on Critical Minerals.

The expanded Critical Minerals Facility supports the Australian Government’s Critical Minerals Strategy 2023-2030.

Resources Minister Madeleine King said, “The Australia-United States Taskforce on Critical Minerals will be a key part of progressing our work under the Compact. This week we agreed on priority areas of work and immediate actions such as joint supply chain mapping and deeper cooperation between our 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.

Related article: Critical minerals producer urges Australia to ‘think zinc’

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

Previous article2023 Chloe Munro Scholarship recipients announced
Next articleNew Scottish blade a ‘step change’ for tidal energy