Canberra’s $2bn boost to critical mineral funding

The federal government has announced a $2 billion expansion in critical minerals financing, doubling the capacity of the Critical Minerals Facility to finance critical minerals mining and processing projects.

The funding would solidify Australia’s position as a world leading provider, help the transition to net zero, boost the economy and support more jobs and opportunities according to a statement.

Critical minerals, including rare earths, are the building-blocks for a clean energy future, and are essential to achieving Australia’s energy transition.

Resources Minister Madeleine King said: “The road to net zero runs through Australia’s resources sector.

“The Australian Government is providing significant support to de-risk investment in Australia’s critical minerals sector.

“The Critical Minerals Facility is a cornerstone of that support, providing finance to strategically significant projects which can crowd in private investment.

“Coupled with our support for processing, we are well positioned to be a world leading provider of critical minerals

This expansion of the Critical Minerals Facility takes the Government’s value-adding investments in Australian resources to $6 billion.

King and Prime Minister Anthony Albanese announced the expansion alongside Australian and US industry leaders following the inaugural meeting of the Australia-United States Taskforce on Critical Minerals.

The taskforce delivers on commitments made by President Biden and Albanese at Hiroshima earlier this year.

Picture: Madeline King