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Critical minerals targeted as Australia boosts resource hunt

Australia will spend A$566 million ($373 million) over the coming decade to map out resource deposits with a focus on reserves of critical minerals, which are vital for high-tech manufacturing and the green-energy transition.

“The world needs more of these resources — and our government is going to help Australia find more,” Prime Minister Anthony Albanese said in a speech delivered on Wednesday in Western Australia.

The funding will begin from July 1, and will be used by government agency Geoscience Australia to conduct surveys to identify potential deposits of critical minerals.

Data from the surveys will be provided to exploration companies to better understand regional geology across the country with an aim to encourage private investment and drilling.

“Some 80 per cent of Australia is unexplored,” Warren Pearce, chief executive officer of the Association of Mining and Exploration Companies, said by email.

“This program has the potential to open new mineral jurisdictions and unlock immense new mineral wealth for Australia.”

Australia is planning to ramp up production and processing of critical minerals such as lithium and rare earths, which are increasingly in demand.

The US and its diplomatic allies are keen to use Australian battery minerals as part of an effort to break reliance on Chinese supply for the materials, which are used in the production of solar panels, electric vehicles and lithium-ion batteries.

However, Australia has struggled to significantly ramp up production in some sections of the sector despite growing assistance from the government.

mining.com

Australia cracks down on foreign cash in critical minerals

Australia will tighten scrutiny of foreign investment into mining and refining of critical minerals as part of an overhaul of its national regime, while speeding up approvals in low-risk areas to boost economic growth.

Treasurer Jim Chalmers announced the changes in a speech to the Lowy Institute think tank in Sydney on Wednesday, saying Australia welcomes international investment “but only if it’s in our national interest.”

The treasurer pointed to “foreign investment in critical infrastructure, critical minerals, critical technology” as a focus for efforts to apply greater scrutiny to international funding.

Since coming to office, Chalmers has blocked some investment by Chinese-linked companies in Australia’s critical minerals and rare earths industries.

Responding to a question after the speech, Chalmers played down suggestions that the new restrictions were targeted at China.

China’s tight grip on the critical minerals supply chain, such as lithium and rare earths processing and refining, has prompted Australia to work with allies including the US, Japan and South Korea in recent years.

This latest move by Chalmers builds on the momentum to date.

mining.com




* IXR = Right place + Right time imo

Food for thought

Frank