Australia to expand critical minerals funding by USD 1.3bn

The Australian government on Wednesday pledged to invest a further AUD 2 billion (USD 1.26bn/EUR 1.2bn) in critical minerals mining and processing projects in order to support the transition to a decarbonised economy.

The funding plan was revealed ahead of the first roundtable meeting of the Australia-United States Taskforce on Critical Minerals in Washington this week. The event was held following the launch of the alliance by the two countries in May.

Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential components in many clean energy technologies, including electric vehicles, storage batteries, wind turbines and solar panels. According to Australia’s federal government, a sustainable and reliable supply of those minerals is vital to supporting demand in the domestic manufacturing industry, as well as demand in the US.

With the additional funding, Australia’s investment in the Critical Minerals Facility has increased to AUD 6 billion. The funding support is earmarked in the country’s 2023-2030 critical minerals strategy.

"My Government is committed to transforming Australia into a renewable energy superpower, and harnessing the critical minerals we have at home is crucial to achieving this,” said Prime Minister Anthony Albanese.

(AUD 1.0 = USD 0.632/EUR 0.598)

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