The Australian government plans to double the amount of money on offer to A$2 billion ($1.7 billion) in support of critical minerals projects as it works to attract American miners and processing companies Down Under.
The financial boost will increase the capacity of Australia’s Critical Minerals Facility to finance mining and processing projects for materials.
Part of the appeal for Australia of expanding its critical minerals footprint is to plug an anticipated fiscal shortfall amid waning demand for fossil fuel exports in a decarbonizing world. Australia’s lithium shipments were worth A$20 billion ($17.4 billion) in the 12 months through June, with government forecasts showing the sector’s earnings could rival that of thermal coal exports by 2028.
“We’re in a strong position, as the world’s largest supplier of lithium, for example, a significant supply of cobalt, vanadium, copper, nickel. The minerals that will power the globe in the 21st century are things that Australia has significant amounts of,” Prime Minister Anthony Albanese told reporters in Washington on Tuesday.
A critical minerals task force aimed at increasing private investment in Australia’s rare earths industry and reducing global dependence on China has also been discussed with American authorities.
Albanese will visit China, Australia’s largest trade partner and biggest buyer of its iron ore, on Nov. 4.
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