The Australian Government has launched a consultation with industry, experts, and other stakeholders with regard to the plan to update Australia’s Critical Minerals List.
The consultation follows the release of the Critical Minerals Strategy, which includes a provision that updating the Critical Minerals List is a priority of the Federal Government.
The new Critical Minerals Strategy outlines a strategy for Australia to become a worldwide raw and processed critical minerals supplier by 2030.
According to the Government, critical minerals are vital components in low-emissions technology like batteries, electric vehicles, solar panels, and wind turbines, as well as essential elements in advanced medical and defence technologies.
Reviewing and updating the Critical Minerals List is vital for signalling and focusing the Government’s efforts to grow the critical minerals industry and integrate Australia into global critical minerals supply chains.
Minister for Resources and Northern Australia Madeleine King stated that revising the Critical Minerals List would guarantee the government could support the industry’s development and assist Australia in working with foreign partners to strengthen global supply chains.
“Reviewing and updating our Critical Minerals List will help Australia capitalise on our amazing potential to create new industries and new jobs around our rich geological endowment and build on our record as a stable and reliable resources and energy exporter,” Minister King said.
“Building a strong and reliable critical minerals sector will help Australia and the world achieve net zero emissions, while creating thousands of new jobs and supporting economic growth for decades to come,” the Minister added.
The Critical Minerals List identifies minerals critical to modern technologies, economies, and national security but whose supply networks are at risk of disruption. The current list, last updated in March 2022, contains 26 minerals.
Australia is the world’s largest lithium producer, the third largest cobalt producer, and the fourth largest producer of rare earths. Australia also generates considerable quantities of metals such as nickel and copper, which are essential for low-emissions technology when paired with critical minerals.
The Federal Government, according to Minister King, will update the list by the end of the year and prioritise support for critical minerals projects that underpin essential technologies and contribute to the vision and objectives outlined in the Critical Minerals Strategy.
