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Australia Eyes Strategic Minerals Reserve: Albanese
(MENAFN) Australian Prime Minister Anthony Albanese has unveiled a proposal to create a strategic reserve of critical minerals, contingent on his Labor Party winning a second term in the upcoming May 3 general election.
Albanese announced on Thursday that a re-elected Labor government would allocate an initial 1.2 billion Australian dollars (765 million U.S. dollars) to establish this reserve. The plan includes securing agreed quantities of critical minerals from Australian miners through voluntary offtake agreements and obtaining purchase options at predetermined prices.
He emphasized that “increasingly uncertain times” demand a new strategy to “maximize the strategic value of critical minerals” for Australia.
The prime minister first introduced the reserve concept earlier in April in reaction to the U.S. imposing extensive tariffs on imports, but offered further details about the policy on Thursday.
“It will mean we can deal with trade and market disruptions from a position of strength, because Australia will be able to call on an internationally significant quantity of resources in global demand,” Albanese said during his campaign visit to Western Australia.
Critical minerals, including lithium, rare earths, and cobalt, are vital for technologies such as renewable energy infrastructure and modern computing.
Australia leads the world in lithium production, predominantly from mines in Western Australia.
In 2023, Albanese's government rolled out a seven-year national strategy aimed at expanding the country’s critical minerals industry, and in May 2024, it committed 566 million Australian dollars (360.8 million U.S. dollars) over ten years to map the nation's critical minerals deposits.
Albanese announced on Thursday that a re-elected Labor government would allocate an initial 1.2 billion Australian dollars (765 million U.S. dollars) to establish this reserve. The plan includes securing agreed quantities of critical minerals from Australian miners through voluntary offtake agreements and obtaining purchase options at predetermined prices.
He emphasized that “increasingly uncertain times” demand a new strategy to “maximize the strategic value of critical minerals” for Australia.
The prime minister first introduced the reserve concept earlier in April in reaction to the U.S. imposing extensive tariffs on imports, but offered further details about the policy on Thursday.
“It will mean we can deal with trade and market disruptions from a position of strength, because Australia will be able to call on an internationally significant quantity of resources in global demand,” Albanese said during his campaign visit to Western Australia.
Critical minerals, including lithium, rare earths, and cobalt, are vital for technologies such as renewable energy infrastructure and modern computing.
Australia leads the world in lithium production, predominantly from mines in Western Australia.
In 2023, Albanese's government rolled out a seven-year national strategy aimed at expanding the country’s critical minerals industry, and in May 2024, it committed 566 million Australian dollars (360.8 million U.S. dollars) over ten years to map the nation's critical minerals deposits.
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