June 30, 2023: Australia unveiled a brand new vital 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.
Sources and Northern Australia Minister Madeleine King stated the nation was aiming to grow to be a “globally vital producer of uncooked and processed vital minerals”.
Unbiased modeling discovered elevated exports of vital minerals and energy-transition minerals may create greater than 115,000 new jobs and add A$71.2 billion to GDP by 2040, King stated.
However jobs may greater than double that determine and GDP enhance to A3.5 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 stated it’s the third largest producer of cobalt and the fourth largest producer of uncommon earths and produces many metals corresponding to aluminum, nickel and copper.
The brand new technique may also pave the best way for the replace of the nation’s vital minerals listing.