Increased investment from and collaboration with likeminded partners to grow Australia’s downstream processing capability and build diverse, resilient and sustainable global supply chains.
Why action is needed
Australia cannot achieve its critical minerals objectives alone. Foreign investment has always been critical to Australia’s prosperity. It helps drive economic growth, creates skilled jobs, improves access to overseas markets and enhances productivity.
We have established bilateral partnerships with likeminded partners to work together to build diverse, resilient and sustainable global supply chains. Australia also plays a leadership role in multilateral forums where critical minerals supply chains, standards and strategic issues are discussed. Our international engagement focuses on facilitating investment, R&D collaboration and ESG standards. We also engage actively with partners to ensure our regulatory frameworks, standards and trade and investment rules are consistent and mutually beneficial.
The long-term sustainable development of the Australian critical minerals sector is dependent on Australian projects securing offtake and equity agreements with original equipment manufacturers (OEMs) and industry end users. Government-to-government agreements can build investor confidence and help private sector partnerships develop and scale up quickly.
To take advantage of our globally significant endowments of critical minerals, Australia must leverage international partnerships and foreign investment to attract capital, IP and proven technologies, encourage collaboration and knowledge sharing between industry, and grow a resilient, sustainable and globally competitive Australian critical minerals sector. Foreign investment ensures Australian companies are competitive in the global market and strong governance standards ensure Australia continues to be regarded as a preferred, reliable and trusted partner.
Concentrated critical minerals markets lead to volatile and fragile supply chains, which work against the public interest and hamper growth of the global industry. The Government will use policy tools to help diversify global supply chains, particularly where this will link Australian projects into the markets of our allies and partners.
Current bilateral agreements and multilateral partnerships are outlined in Appendix A.