UK Will Invest in Australia’s Resources Sector

by | 4. Apr 2023 - 13:36 | Politics

Cooperation on critical minerals is strengthened.

Australia and the United Kingdom want to cooperate more closely in the field of critical minerals. A memorandum of understanding to this effect was signed by the Australian Minister for Resources and Northern Australia, Madeleine King, and the British Minister for the Indo-Pacific, Anne-Marie Trevelyan, at a meeting in Perth.

Australia, rich in mineral resources, is the world’s largest producer of lithium and is establishing itself as the most significant supplier of rare earths after China. Under the MOU, downstream processing and production capacity and investment in resource projects will now be promoted. The United Kingdom already has a long history of investing in Australian resource development, Trevelyan said. The two nations also want to strengthen research and development, high environmental, social and governance (ESG) standards, and collaboration with other international partners.

The United Kingdom submitted its first critical minerals strategy last summer, and recently there has already been the first update. King also announced a new Australian strategy for the resources sector this year.

Photo: iStock/bennymarty

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