Resource Minister highlights the importance of the industry for Australia but acknowledges the need for international partnerships.
Australia’s Resource Minister Madeleine King urges foreign partners to “lean in” to boost the critical mineral and rare earth sectors of Down Under. Speaking at Minerals Week 2024 in Canberra, King emphasized that she believes it is a “national mission” to support these sectors and compared it to Australia’s iron and steel industries, which received significant governmental support in the past. However, she acknowledged that international cooperation with like-minded partners is crucial for the successful development of the sectors. According to King, the government under President Anthony Albanese has made substantial commitments to the industry in the past, for example, through the Future Made in Australia Act, which seeks to strengthen domestic manufacturing and promote key industries such as critical minerals and clean energy through public and private sector funding. Yet, the success of the critical minerals and rare earth sectors would also depend on long-term investments from abroad, King added.
EU Ambassador Strikes Similar Note
Speaking at the same conference, EU Ambassador to Australia Gabriele Visentin struck a similar note. According to Reuters, Visentin highlighted the importance of Australia’s resources for global supply chain diversification efforts. He emphasized that the bloc has already invested substantial amounts into the critical mineral sector of Down Under, adding that the EU is willing to invest more in Australia and other like-minded partners.
Australia and the EU have been in talks to reach a free trade agreement since 2018. However, no deal has been reached so far. Yet, the two parties signed a Memorandum of Understanding to boost cooperation on critical minerals earlier this year (we reported). In addition, Australia has signed agreements on critical minerals with multiple other nations, such as South Korea and the United States. In addition, multiple critical mineral projects in Australia have attracted foreign investment, for example, Arafura’s Nolans rare earth project.
Photo: iStock/JoeGough
