Resources Minister Senator Matthew Canavan has signed a letter of intent agreeing on joint activities with the US in the area of critical minerals.
Resources Minister Senator Matthew Canavan has signed a letter of intent agreeing on joint activities with the US in the area of critical minerals. Matt Taylor GLA301118CANA

Australia to capitalise on minerals critical to technology

ON RELEASING a report from Geoscience Australia - Critical Minerals in Australia - Minister for Resources and Northern Australia, Senator Matt Canavan, said Australia was well placed to produce significant extra wealth from its extensive mineral resources and world-class mining expertise.

The report was commissioned by Geoscience Australia in collaboration with RMIT University and Monash University.

It analyses the current state of critical minerals in Australia and highlights key areas for future research.

"Australia is already demonstrating it can meet the needs of key trading partners in a range of critical minerals," Mr Canavan said.

"We are one of the world's top five producers of antimony, cobalt, lithium and rare earths, minerals rated as 'critical' by the US, UK or EU.

 

MINERAL RICH: Australia is one of the world's top producers of cobalt and other minerals rated as 'critical' by the US, UK and EU.
MINERAL RICH: Australia is one of the world's top producers of cobalt and other minerals rated as 'critical' by the US, UK and EU. Contributed

"The growing list of new and emerging technologies using critical minerals includes advanced manufacturing and health applications, rechargeable batteries, renewable energy systems and electric cars."

To be classified as "critical", a mineral must be both economically important to society and vulnerable to supply disruption.

Australia's National Resources Statement, released last month, outlined the development of a national strategy through the Council of Australian Governments Energy Council to harness emerging opportunities offered by the critical minerals sector.

"By investing in critical minerals, we're helping to grow our resources sector ... and we're engaging with our key trading partners on critical minerals," Senator Canavan said.

 

Lithium Australia managing director Adrian Griffin and Queensland Resources Council chief executive Ian Macfarlane.
Lithium Australia managing director Adrian Griffin and Queensland Resources Council chief executive Ian Macfarlane. Cordell Richardson

"Late last year, I signed a Letter of Intent with my counterpart from the United States agreeing to collaborate on joint activities in the area of critical minerals."

The report is available from ga.gov.au/criticalminerals.

The latest industry funding round prioritises critical minerals.

For more information on the Cooperative Research Centre's Project grants, visit business.gov.au/crc-p.



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