Australia is set to become a critical minerals powerhouse by 2030 under the 2022 Critical Minerals Strategy.
Many advanced technologies use critical minerals, including telecommunications, aerospace and battery storage applications. Australia has large reserves of critical minerals like cobalt, lithium, manganese, tungsten and vanadium.
The Critical Minerals Strategy is a plan to:
- make Australia an important part of secure global supply chains for critical minerals
- improve Australia's critical minerals processing capabilities
- create jobs and economic growth in regional communities.
The Australian Government will do this by:
- reducing the risk of investing in critical minerals projects
- setting policies to help Australia's critical minerals industry thrive
- strengthening our partnerships with other countries.
The 2022 strategy also adds 2 new resources to Australia's priority list of critical minerals. They are:
- high-purity alumina, which is used in lithium-ion batteries, electronics, optics and the automotive and aerospace sectors
- silicon, an essential part of the semiconductors used in electronics, computers and solar panels.
The government has also committed $50 million over 3 years to establish the virtual National Critical Minerals Research and Development Centre. The centre will look at ways to unlock new sources of critical minerals and diversify supply chains.
