The Australian Government has agreed to further invest A$2bn ($1.27bn) in critical minerals to support the transition towards net zero and boost the economy.
Critical minerals such as rare earths are now at the centre stage towards a clean energy future.
With the additional funding, the government’s investment in the Export Finance Australia-managed Critical Minerals Facility has now increased to A$6bn.
Through this commitment, the capacity of the Critical Minerals Facility can now double Australia’s capability to finance critical minerals mining and processing.
The Critical Minerals Facility is a funding support for mining projects that are aligned towards Australia’s Critical Minerals Strategy 2023-2030.
Australian Prime Minister Anthony Albanese and Resources Minister Madeleine King announced the additional investment after the inaugural meeting of the Australia-United States Taskforce on Critical Minerals.
This task force is expected to play an important part role in building an alliance between the US and Australia.
It will help in creating a sustainable supply chain for critical minerals, vital for the manufacturing sectors of both countries.
