The Australian government is allocating $50 million in funding to support 13 projects spanning critical mineral refineries, rare-earths mining, and batteries. The aim is to diversify supply chains and establish local processing facilities for key materials required for the global transition to a green energy economy.
The funding will be distributed among seven projects in Western Australia, three in New South Wales, and three in Queensland. The initiatives focus on the lithium-ion battery sector for electric vehicles and supply chain materials in advanced manufacturing industries. Eight mining companies figure in the list of grant awardees.
According to Minister for Resources and Northern Australia Madeleine King, the funded projects will accelerate the growth of Australia’s critical minerals industry and assist both Australia and its export partners in reducing emissions and achieving their net-zero goals by 2050.
Critical minerals like copper, lithium, nickel, cobalt, and rare earth elements are vital for reducing greenhouse gas emissions and combating climate change. The move by Australia is in response to the growing global demand for critical minerals and China’s dominance in this sector.
The Biden administration in the US has also implemented significant funding measures to support clean energy and secure critical minerals. Australia’s funding initiative aligns with its forthcoming critical minerals strategy, which aims to expand the country’s processing sector.
Miners receiving the grants include IGO Limited, Australian Strategic Materials Ltd, Ecograf, International Graphite, Evolution Mining, High Purity Quartz Ltd, Northern Minerals Ltd, and Tungsten Mining NL.
Source: The Sydney Morning Herald
Image of Mt Marion Lithium Mine: Mineral Resources