MELBOURNE, Jan 12 (Reuters) – Australia will prioritise antimony, gallium and rare earth elements as part of its A$1.2 billion ($802 million) strategic reserve, it said on Monday, as its Treasurer Jim Chalmers prepares to join a G7 meeting to discuss critical minerals.
Australia and several other countries are joining a meeting of finance ministers from the Group of Seven advanced economies in Washington on Monday on the subject, U.S. Treasury Secretary Scott Bessent said over the weekend.
Most of the G7, which includes the United States, Britain, Japan, France, Germany, Italy and Canada, as well as the European Union, are heavily dependent on rare earths supplies from China. The group last June agreed on an action plan to secure their supply chains and boost their economies.
Australia, which has abundant supply of many critical minerals, has been developing a strategic reserve which it plans to make available to allies.
The first minerals in focus are crucial for clean energy and high-technology manufacturing as well as advanced military equipment, the treasurer’s office said in a statement.
“The Reserve will operate by securing rights to minerals produced in Australia and on-selling those rights to meet demand, giving an added boost to Australia’s critical minerals sector and strengthening reliable supply chains for our trading partners,” it said.
Australia signed an agreement with the U.S. in October aimed at countering China’s dominance in critical minerals. It included an $8.5 billion project pipeline and leverages Australia’s proposed strategic reserve, which will supply metals that are vulnerable to disruption.
($1 = 1.4959 Australian dollars)
(Reporting by Melanie Burton; Editing by Jamie Freed)
Comments