Latest news with #CriticalMineralsStrategicReserve
Straits Times
24-04-2025
- Business
- Straits Times
Australia plans critical minerals reserve to reduce global reliance on China
Australia has some of the world's largest deposits of critical minerals, including lithium, cobalt and rare earths. PHOTO: REUTERS – Australian Prime Minister Anthony Albanese on April 24 announced a A$1.2 billion (S$1 billion) plan to buy and stockpile some of the country's vast deposits of critical minerals to try to reduce the global dependence on supplies from China, which dominates the market. Promising to establish a strategic reserve of 31 critical minerals if he wins an election on May 3, Mr Albanese said the plan would help to safeguard supplies at a time of growing global tensions. 'In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity, but also to build resilience,' Mr Albanese told reporters. Mr Albanese also signalled that the reserve could be a bargaining chip in negotiations with US President Donald Trump over tariffs. Australia is a close ally of the US but was unable to secure a reprieve from Mr Trump's steel and aluminium tariffs and a 10 per cent general tariff. 'What we do as friends is be prepared to engage in a constructive way and that is what I intend to do with the United States,' Mr Albanese said. Australia has some of the world's largest deposits of critical minerals, including lithium, cobalt and rare earths, that are used to produce electric vehicle batteries, smartphones, solar panels, wind turbines, weapons and medical devices. Some of the minerals are also essential to the defence and aviation industries. But the bulk of critical mineral processing occurs in China, which currently produces about 70 per cent of critical minerals and 90 per cent of rare earths. Beijing has at times blocked exports due to geopolitical disputes, including recent restrictions imposed in response to Mr Trump's tariffs. Mr Albanese said his ruling Labor party, if re-elected, will create a Critical Minerals Strategic Reserve that will involve buying agreed volumes of critical minerals from commercial projects, or establishing an option to buy them at a given price. In addition, the Government will create domestic stockpiles of key minerals. The reserve, which would become operational in the second half of 2026, will involve 31 critical minerals. Australia will sell some of the minerals on global markets and to key international partners, though the identity of these partners has not yet been confirmed. The government said in a plan released on April 24 that the reserve will focus on minerals that are 'most important for Australia's national security and the security of our key partners'. Asked about China's domination of critical minerals processing, Australia's Minister for Resources, Ms Madeleine King, told Sky News: 'Yes, that's exactly right, and that's the monopoly of supply chain that we're trying to break here in Australia.' Despite Australia's vast supplies of critical minerals, it has only limited processing capacity. Mr Albanese has contributed A$475 million to the development of a rare earths refinery operated by mining firm Iluka Resources in Western Australia. Australia also produces minerals such as cobalt and nickel. But firms in Australia and elsewhere have long accused China of using its global dominance of critical minerals supplies to control output and prices to ward off competitors An expert on Australia's critical minerals policies, Dr John Coyne, the director of national security p rogrammes at the Australian Strategic Policy Institute, told The Straits Times the proposed reserve could help to ease the global dependence on China. He said such dependence is risky because it enables China to influence prices and because supplies could suddenly be interrupted due to geopolitical tensions or internal strife in China or natural disasters. Describing the reserve as 'an excellent first step', Dr Coyne said its success ultimately depends on whether Australia can find other like-minded partners with greater processing capability and potential. Such partners, he said, could include Japan, South Korea, India, the European Union and the United States. 'The stockpile will have no impact if China is still needed to process it,' he said. 'To truly lead to the benefits, you need other countries involved.' Analysts such as Dr Coyne, as well as business groups such as Western Australia's Chamber of Minerals and Energy, said Labor's plan to acquire and seek options to buy critical minerals could generate much-needed investment in the sector. Mining firms have often been wary of developing critical minerals projects due to the wild fluctuations in prices. The head of the Association of Mining and Exploration Companies, Mr Warren Pearce, said in a statement the plan will help Australia to 'leverage our position as a major critical minerals player in the global market'. 'This is a positive step forward that... will provide a major boost for the developing critical minerals industry in Australia,' he said. 'It will provide support to the private sector and assist international investors and partners with the upfront capital costs of new projects.' The government said it will consult with states and companies to develop the reserve and determine the 31 minerals to be included. Opposition leader Peter Dutton, who leads the Liberal-National Coalition and trails in opinion polls, did not endorse Labor's plan but said on April 24 he was open to developing a reserve if elected and would work on it with partners such as the US and Japan. Jonathan Pearlman writes about Australia and the Pacific for The Straits Times. Based in Sydney, he explains matters on Australia and the Pacific to readers outside the Oceania region. Join ST's Telegram channel and get the latest breaking news delivered to you.
West Australian
23-04-2025
- Health
- West Australian
Australian politics and news live: Albanese in WA to announce $1.2b mineral stockpile at leadership forum
Scroll down for all the latest news and views. Labor will dedicate an extra $32 million into men's health initiatives if re-elected, focusing on grassroots organisations. Funded programs include helping men who struggle with mental health and fatherhood, and those foregoing health support due to stereotypes. From Men's Shed to Movember, Health Minister Mark Butler said 'too many blokes put off prioritising their health'. Mr Butler highlighted Labor's $11.3 million pledge to Movember, saying it would provide men's healthcare training to more than 60,000 health care workers, based on the existing Men in Mind program. 'This investment by Labor into Movember's training will mean doctors and nurses have the right tools to support men,' he said. Read the full story here. Prime Minister Anthony Albanese will spend at least $1.2 billion buying critical minerals for a new stockpile which would then be offered up for sale to key global partners in a move aimed at breaking up China's global dominance of the sector. Mr Albanese will use his address to The West Australian's Leadership Matters forum on Thursday to detail the new Critical Minerals Strategic Reserve he wants to set up as part of Australia's response to US president Donald Trump's 'reciprocal' tariffs. The reserve and priority access to critical minerals have formed part of Australia's discussions with the US over recent weeks. Mr Albanese said the move would give greater industry certainty when getting projects off the ground and would also boost Australia's standing as a trusted and reliable trading partner. 'Throughout this campaign, we've all been reminded that this is a period of significant global uncertainty. That is the reality our nation has had to manage for the past few years — not just the last few weeks,' he is expected to say in his address. Read Katina Curtis's full story here. One the eve of Anzac Day Anthony Albanese is in WA to attend The West Australian Leadership Matters forum and Peter Dutton is out and about pushing his latest policies, including an injection of funds for domestic violence support. Stay up to date with all the latest news and views from the campaign trail right here.
News.com.au
23-04-2025
- Business
- News.com.au
Anthony Albanese's $1.2bn pledge amid Donald Trump's tariff threat
The Albanese government will invest $1.2bn into Australia's critical minerals supply, which will likely play a major role in negotiating a tariff carveout from the Trump administration. This comes as Australian steel and aluminium imports have been hit with a 25 per cent levy, with other imports slapped with a 10 per cent tariff. Anthony Albanese will on Thursday announce plans to create a Critical Minerals Strategic Reserve to secure quantities of the select minerals that will be made available for domestic projects and select international partners. If re-elected, $1.2bn will be used to secure the initial resource stockpile, and purchases will be made according to strategic and market-conditions. These include elements like titanium, lithium, nickel and cobalt, which are essential for the production of mobile phones, computer chips, electric vehicles, solar panels and defence technologies. Altogether Australia has listed 31 critical minerals, and holds at least 4 per cent of the world's rare earth reserves. The Reserve is expected to be in operation from the second half of 2026, and a taskforce will be created to consult on the design and function of the reserve. Although the Prime Minister did not directly refer to the Trump administration in the announcement, he said the $1.2bn investment into Australia's critical mineral industry would help safeguard 'critical national assets' in 'time of global uncertainty'. 'The Strategic Reserve will mean Government has the power to purchase, own and sell critical minerals found here in Australia,' he said. '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.' Resources Minister Catherine King said the boost to the industry would also drive industry and jobs in Western Australia, where Mr Albanese will spend Thursday campaigning. 'Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners,' she said. '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. '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.'
The Australian
23-04-2025
- Business
- The Australian
Anthony Albanese's $1.2bn pledge amid Donald Trump's tariff threat
The Albanese government will invest $1.2bn into Australia's critical minerals supply, which will likely play a major role in negotiating a tariff carveout from the Trump administration. This comes as Australian steel and aluminium imports have been hit with a 25 per cent levy, with other imports slapped with a 10 per cent tariff. Anthony Albanese will on Thursday announce plans to create a Critical Minerals Strategic Reserve to secure quantities of the select minerals that will be made available for domestic projects and select international partners. Anthony Albanese will make the pledge on Thursday. Picture: Mark Stewart / NewsWire If re-elected, $1.2bn will be used to secure the initial resource stockpile, and purchases will be made according to strategic and market-conditions. These include elements like titanium, lithium, nickel and cobalt, which are essential for the production of mobile phones, computer chips, electric vehicles, solar panels and defence technologies. Altogether Australia has listed 31 critical minerals, and holds at least 4 per cent of the world's rare earth reserves. The Reserve is expected to be in operation from the second half of 2026, and a taskforce will be created to consult on the design and function of the reserve. Although the Prime Minister did not directly refer to the Trump administration in the announcement, he said the $1.2bn investment into Australia's critical mineral industry would help safeguard 'critical national assets' in 'time of global uncertainty'. 'The Strategic Reserve will mean Government has the power to purchase, own and sell critical minerals found here in Australia,' he said. It comes amid Donald Trump's tariff announcement. (Photo by Brendan SMIALOWSKI / AFP) '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.' Resources Minister Catherine King said the boost to the industry would also drive industry and jobs in Western Australia, where Mr Albanese will spend Thursday campaigning. 'Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners,' she said. '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. '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.' Jessica Wang NewsWire Federal Politics Reporter Jessica Wang is a federal politics reporter for NewsWire based in the Canberra Press Gallery. She previously covered NSW state politics for the Wire and has also worked at and Mamamia covering breaking news, entertainment, and lifestyle. @imjesswang_ Jessica Wang
Perth Now
23-04-2025
- Business
- Perth Now
Albo's $1.2bn pledge amid tariff threat
The Albanese government will invest $1.2bn into Australia's critical minerals supply, which will likely play a major role in negotiating a tariff carveout from the Trump administration. This comes as Australian steel and aluminium imports have been hit with a 25 per cent levy, with other imports slapped with a 10 per cent tariff. Anthony Albanese will on Thursday announce plans to create a Critical Minerals Strategic Reserve to secure quantities of the select minerals that will be made available for domestic projects and select international partners. Anthony Albanese will make the pledge on Thursday. Mark Stewart / NewsWire Credit: News Corp Australia If re-elected, $1.2bn will be used to secure the initial resource stockpile, and purchases will be made according to strategic and market-conditions. These include elements like titanium, lithium, nickel and cobalt, which are essential for the production of mobile phones, computer chips, electric vehicles, solar panels and defence technologies. Altogether Australia has listed 31 critical minerals, and holds at least 4 per cent of the world's rare earth reserves. The Reserve is expected to be in operation from the second half of 2026, and a taskforce will be created to consult on the design and function of the reserve. Although the Prime Minister did not directly refer to the Trump administration in the announcement, he said the $1.2bn investment into Australia's critical mineral industry would help safeguard 'critical national assets' in 'time of global uncertainty'. 'The Strategic Reserve will mean Government has the power to purchase, own and sell critical minerals found here in Australia,' he said. '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.' Resources Minister Catherine King said the boost to the industry would also drive industry and jobs in Western Australia, where Mr Albanese will spend Thursday campaigning. 'Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners,' she said. '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. '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.'
