A new report released today by the Morrison Government highlights the potential for Australia to become a major exporter of critical minerals products to meet growing industrial and technology needs.
Minister for Trade, Tourism and Investment Simon Birmingham said the Critical Minerals Supply Chain in the United States report reinforced the need for Australia to continue to attract investment in high-value activities such as processing and manufacturing.
"We have some of the world's richest stocks of critical minerals" Minister Birmingham said.
"The challenge now is continuing to develop the downstream and high-value activities right here in Australia so products can be produced in our own backyard and then exported to the rest of the world.
"This report shows there are huge export opportunities for Australian critical minerals producers in markets such as the US where there are clear gaps in the supply chain.
"This presents huge opportunities for Australia to not only export raw critical minerals, but process critical minerals and manufacture products such as alloys, metals and petrochemicals.
"With critical minerals driving much of the innovation and technological development in industries such as defence, space, energy and advanced manufacturing, there are huge job creation and economic opportunities right here in Australia.
"In order for Australia to fully take advantage of the growing demand for critical minerals we need to continue to attract domestic and overseas investment that develops stable and sustainable global supply chains."
Minister for Resources and Northern Australia, Senator Matt Canavan noted Australia's competitive resource base in critical minerals.
"Australia is the world's second-largest producer of rare-earth elements and has the world's sixth-largest resources base. We also possess some of the world's largest recoverable reserves of cobalt, lithium, manganese, tantalum, tungsten and zirconium," Minister Canavan said.
"Our political stability, strong environmental and safety regulations and existing expertise in the resources sector also adds to our appeal as a partner in the global supply chain of rare-earth elements."
"The Critical Minerals Strategy identifies steps to ensure we are ready to be a reliable and cost-competitive supplier of critical minerals for the international market.
"It also identifies current incentives in place to spur the further development of Australia's resource sector, covering infrastructure and innovation, including the Critical Minerals Co-operative Research Centre."
The Critical Minerals Supply Chain in the United States report is available here: https://www.austrade.gov.au/ArticleDocuments/1358/Critical-minerals-US-report.pdf.aspx
