Australia and the United Kingdom (UK) have signed a new Statement of Intent to boost collaboration on critical minerals.
Minister for Resources and Northern Australia Madeleine King and UK Minister for the Indo-Pacific Anne-Marie Trevelyan signed the statement during Minister Trevelyan’s visit to Australia.
Minister King stated that The Statement of Intent with the UK reinforces Australia’s determination to expand its critical minerals industry to become a global supplier of the resources required for clean-energy technology such as batteries, electric vehicles, solar panels, and wind turbines.
“We will work closely with the UK to build resilient, sustainable, and transparent supply chains for critical minerals, which help both the UK and Australia to lower emissions and achieve net zero commitments,” Minister King said.
The Minister added that the UK has a long history of investing in Australia’s resource development. Additionally, Minister King welcomed the UK’s participation in crucial mining projects at all levels in Australia.
According to the International Energy Agency (IEA), the world needs to increase the supply of critical minerals and rare earth elements to fulfil rising global demand and meet Paris climate targets.
The Australian Government said Australia has significant quantities of critical minerals, including rare earth elements, and is the world’s largest producer of lithium, a critical component of battery and electric vehicle technology.
Australia also boasts well-established supply networks and trade ties for resource and energy exports, as well as a reputation for being an appealing and stable investment destination.
Under the statement, Australia and the UK will work together to:
- strengthen investment ties for significant mining projects;
- support sovereign downstream processing and manufacturing capabilities;
- search new critical mineral value chains, including recycling, and create skilled jobs;
- strengthen partnership on research and development;
- Promote high environmental, social and governance (ESG) standards; and
- Encourage the exchange of skills and experience between Australian and British businesses and those of other international partners.
Later this year, Minister King will unveil Australia’s new Critical Minerals Strategy, which will help grow the industry and highlight critical minerals’ essential role in Australia’s commitment to net zero emissions by 2050.
