The Federal Government has begun consultation with industry experts and stakeholders to inform an update of Australia’s critical minerals list.
The list outlines minerals that are essential to low-emission technology, the economy and national security, and whose supply chains are vulnerable to disruption.
Currently only 26 minerals meet the critical threshold, including cobalt, lithium, manganese, and rare earth elements. The US, by comparison, lists over 50 critical minerals, including aluminium, nickel, and zinc, which are not considered critical in Australia.
Australia’s list of critical minerals was last updated in March 2022 when silica and high-purity alumina were added.
As part of the country’s Critical Minerals Strategy, the Government is looking to make Australia a global supplier of raw and processed critical minerals by 2030. Minerals that make the list can accordingly expect more favourable regulation, smoother project approvals, and access to funding.
One of the first policy decisions under the Strategy will see the Government target $500 million of new investment into critical minerals projects through the Northern Australia Infrastructure Facility.
The Strategy will provide a framework that the Government will use to guide future policy decisions and maximise the national benefits of the country’s critical minerals.
“Reviewing and updating our critical minerals list will help Australia capitalise on our amazing potential to create new industries and new jobs around our rich geological endowment and build on our record as a stable and reliable resources and energy exporter,” Minister for Resources and Northern Australia Madeleine King said.
“Building a strong and reliable critical minerals sector will help Australia and the world achieve net zero emissions, while creating thousands of new jobs and supporting economic growth for decades to come.
“The path to net zero runs through Australia’s resources sector.”
Minister King said the Government would update the list by the end of the year.