Federal election: Labor promises to launch critical minerals reserve in move for ‘national interest'
The Albanese Government has promised to establish a Critical Minerals Strategic Reserve that could be used as a bargaining chip in trade talks with US President Donald Trump.
Minerals held by the reserve will be made available to domestic industry and key international partners, which would likely include the United States, with the mechanism and allocations to be determined by Government, should it be re-elected on May 3.
Labor will establish the reserve in 2026 through national offtake agreements with commercial projects and selective stockpiling of key minerals.
Labor says the primary consideration for entering into offtake agreements will be securing priority critical minerals for strategic reasons.
The focus will be on a subset of critical minerals that are most important for Australia's national security and the security of our key partners, including rare earths.
A re-elected Labor Government will make an initial investment of $1.2 billion into the reserve, including through a $1 billion increase in the existing Critical Minerals Facility. This will take total investment in the Facility to $5 billion.
The prime minister said the timing is crucial given the ongoing global uncertainty.
'Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience,' Albanese said.
'I will ensure that Australia continues to produce and benefit from the resources that are essential to our national interest.
'The Strategic Reserve will mean Government has the power to purchase, own and sell critical minerals found here in Australia.
'It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand.
'This will be a national asset and our Government will use it to advance Australia's national interest.'
The announcement will be made in Western Australia on Friday,
Resources Minister Madeline King said critical minerals and rare earths are essential for reducing emissions and security reasons.
'While we will continue to supply the world with critical minerals, it's also important that Australia has access to the critical minerals and rare earths we need for a future made in Australia,' King says.
'The Strategic Reserve, combined with Production Tax Credits and the expansion of the Critical Minerals Facility shows the Albanese Government is taking the development of an Australian critical minerals industry seriously.
'And that means more investment and more jobs for Western Australia.'
Peter Dutton has hinted at using critical minerals to negotiate with Donald Trump for a tariff exemption, but the Liberal leader is yet to reveal the exact details.
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