A new Government strategy will position Australia as a leading global supplier of the minerals that will underpin the industries of the future. This includes the agritech, aerospace, defence, renewable energy and telecommunications industries.
The Critical Minerals Strategy sets a vision for Australia as a world leader in the exploration, extraction, production and processing of critical minerals.
The strategy forms part of the Government’s broader plan for Australia’s resources sector, outlined in the recently released National Resources Statement.
It builds on Geoscience Australia’s Critical Minerals Report and will soon be followed by Austrade’s Critical Minerals Prospectus.
Extensive work is already underway across government to grow our critical minerals sector, drive the economy and create jobs. The strategy highlights key actions and opportunities for investment, innovation and infrastructure.
What are critical minerals?
Critical minerals are minerals identified as essential by the world’s major economies. They’re used in high-tech and high-value products, including electric vehicles, rechargeable batteries, electronics, mobile devices and defence technologies.
Global demand for critical minerals is growing, particularly lithium, cobalt and rare earth elements. Australia has the world’s third largest reserves of lithium and is the largest producer. Lithium is a key component in electric vehicle batteries. With electric vehicle sales forecast to make up 55% of all new car sales by 2040, Australia is well placed to help with this transition.
Austrade announced a report on maximising Australia’s potential in lithium-ion battery manufacturing on 11 December 2018