$1.3 billion boost to the Australian critical minerals projects

After the meeting in Washington Australia Prime Minister Anthony Albanese stated: “We’re in a strong position, as the world’s largest supplier of lithium, for example, a significant supply of cobalt, vanadium, copper, nickel. The minerals that will power the globe in the 21st century are things that Australia has significant amounts of”.

$1.3 billion boost

This a strong message considering that the Australian government is going to double the amount of money ($1.3 billion) that is subjected to the critical minerals projects. Additionally many will support Australia’s Critical Minerals Facility. The main aim of this support is to establish critical minerals projects that will attract the American mining and processing industry to set up an operation in Australia.

Undertaken action is also directed at cash flow diversification. It is anticipated a fiscal shortfall is related to a potentially decreasing fossil fuel export. On the other hand, only from lithium export, Australia recorded $12 billion in income in the last 12 months through June. The government analysis predicts that this critical material sector by 2028 can bring earnings on the same level as thermal coal.

High-level meeting

According to Bloomberg, during Washington’s meeting a discussion on a critical minerals task force was conducted. The task force should aim at increasing private investment in Australia’s rare earths industry and reducing global dependence on China.