22 November 2023

Australia commits another $2bn to critical minerals financing

Australia is boosting critical minerals funding by another A$2 billion, doubling the capacity of Australia’s Critical Minerals Facility to finance critical minerals mining and processing projects. The extra financing takes the Australian Government’s value-adding investments in Australian resources to A$6 billion.

Australian Prime Minister Anthony Albanese and Australia’s Minister for Resources Madeleine King made the announcement after the inaugural meeting of the Australia-United States Taskforce on Critical Minerals. The Taskforce is led by Minister King and US Secretary of Commerce Gina Raimondo.

This was followed by a critical minerals roundtable attended by leaders in the Australian and American critical minerals industry. Australia’s Ambassador to the US, Kevin Rudd, and US Ambassador to Australia, Caroline Kennedy, also attended the event.

Rocks containing critical minerals travel along a conveyor belt

Australia-US alliance on climate and clean energy

Cooperation with the US on critical minerals is central to the Climate, Critical Minerals and Clean Energy Transformation Compact. The Compact affirms the position of climate and clean energy as the third pillar of Australia’s alliance with the US.

‘Australia is committed to building sustainable and secure critical minerals supply chains with the United States,’ says Prime Minister Albanese. ‘This is central to building a clean energy future and delivering economic growth.

‘The expansion of the Critical Minerals Facility will help to build supply chains with the United States and support our shared clean energy, manufacturing and defence ambitions.’

Investment opportunities in Australia’s critical minerals sector

Australia is seeking investment in critical minerals to solidify its position as a world-leading provider and help the country transition to net zero by 2050.

Australia is well positioned to meet the growing demand for responsibly produced critical minerals. We have one of the world’s largest recoverable resources of critical minerals and an extensive pipeline of projects at various stages of development. Austrade’s Critical Minerals Prospectus highlights more than 55 investment-ready opportunities in Australia.

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