June 30, 2023: Australia unveiled a brand new crucial minerals technique on June 20, together with a pledge to pump A$500 million ($332 million) of recent funding into sectors together with the provision of battery supplies.
Assets and Northern Australia Minister Madeleine King mentioned the nation was aiming to turn out to be a “globally vital producer of uncooked and processed crucial minerals”.
Unbiased modeling discovered elevated exports of crucial minerals and energy-transition minerals might create greater than 115,000 new jobs and add A$71.2 billion to GDP by 2040, King mentioned.
However jobs might greater than double that determine and GDP enhance to A$133.5 billion by 2040 if Australia builds downstream refining and processing capabilities and secures a bigger share of commerce and funding.
Australia is the world’s largest producer of lithium – accounting for about 47% of the world’s provide in 2020.
King mentioned it’s the third largest producer of cobalt and the fourth largest producer of uncommon earths and produces many metals equivalent to aluminum, nickel and copper.
The brand new technique may even pave the best way for updating the listing of crucial minerals within the nation.