The Australian government is expanding the mandate of Export Finance Australia (EFA), the country’s state-owned export credit agency, to strengthen the domestic economy. In future, the government will be able to work directly with suppliers via EFA to secure the supply of fuels and other strategic goods for households and businesses.
The legislative amendment also lays the groundwork for establishing a strategic reserve of critical minerals, which will be actively managed by EFA. The creation of such stockpiles had already been announced by the government almost a year ago. Initially, the focus will be on antimony, gallium and rare earth elements, according to Trade Minister Don Farrell. Initial investments are estimated at around $760 million.
Read more: In February, the US government presented a similar initiative: Project Vault.
Photo: Adrian Wojcikm, art-illustrations-images