Australia to spend $373 million on critical mineral exploration

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Australia will spend A$566 million ($373 million) over the coming decade to map out resource deposits with a focus on reserves of critical minerals, which are vital for high-tech manufacturing and the green-energy transition.

“The world needs more of these resources — and our government is going to help Australia find more,” Prime Minister Anthony Albanese will say in a speech to be delivered later Wednesday. The funding will begin from July 1.

Australia is looking to ramp up production and processing of critical minerals such as lithium and rare earths, which are increasingly in demand and which the country has in large amounts. The US and its diplomatic allies are keen to use Australian battery minerals as part of an effort to break reliance on Chinese supply for the materials, which are used in the production of solar panels, electric vehicles and lithium-ion batteries.

However, Australia has struggled to significantly ramp up production in some sections of the sector despite growing assistance from the government. The nation’s nickel industry in particular has suffered major setbacks early in 2024 following a rise in cheaper supply from countries such as Indonesia.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow