Australia is refreshing its critical minerals strategy to place greater emphasis on refining and processing, Resources Minister Madeleine King said on Tuesday, as competition for investment intensifies and supply-chain concerns persist.
King said the revised strategy would guide the next phase of the industry’s development, with a sharper focus on capturing “more economic and strategic value”.
“It places greater emphasis on processing and refining critical minerals. Particularly where Australia has, or can develop, a comparative advantage,” she said.
Australia is one of the world’s largest suppliers of critical minerals, including rare earths used in defence and renewable energy. However, China dominates the complex and environmentally challenging refining stage of the supply chain.
Western nations are seeking to expand their critical minerals capabilities and diversify supplies as they move to reduce reliance on China for materials essential to the energy transition and national security.
Since the government released Australia’s original critical minerals strategy in 2023, market conditions have become more difficult, competition for investment has intensified and supply-chain vulnerabilities have remained a concern, King said.
“The strategy will ensure Australia remains focused on areas where we can create the greatest long-term value,” she said, adding that growth in the sector “won’t be a solo endeavour”.
(Reporting by Melanie Burton and Renju Jose in Sydney; Editing by Stephen Coates)
