Critical Minerals Agreement Signed Between EU and Australia

by | 28. May 2024 - 09:04 | Politics

Australia and the European Union signed a Memorandum of Understanding on Tuesday to collaborate on sustainable critical and strategic minerals. The partnership, first announced last month, covers the entire value chain from exploration to refining and recycling and will enable the EU to diversify its supply of raw materials. Australia can benefit from expanding its domestic mining industry and European investment in the sector.

This partnership marks a major step forward in our efforts to secure a more sustainable supply of critical raw materials for the EU, whilst fostering investment in Australia.

Valdis Dombrovskis, Executive Vice-President and Commissioner for Trade

Over the next six months, a roadmap with concrete implementation measures will be developed.

Australia hosts many mineral resources important for the energy transition, including rare earths and lithium. Therefore, the country is seen as a possible alternative or diversification option from the raw materials giant China.

Photo: iStock/BravissimoS

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