The Australian government is investing A$138.5 million to develop critical mineral resources. This investment is part of the Future Made in Australia (FMA) framework. The goal is to diversify domestic supply chains and create jobs in the mining sector.
Funding for Decarbonization and Processing
A$75 million will support decarbonization projects within the critical minerals sector. Resource Capital Funds (RCF) is backing these projects. These investments promote cleaner and more sustainable mining operations.
Additionally, A$13.4 million in grants will support five mineral processing plants. These plants focus on rare earths, vanadium, fluorite, and graphite projects. This strengthens Australia’s domestic production capabilities.
Strategic Partnerships and Global Security
This investment aligns with Australia’s broader plan to strengthen its mineral supply chains. These supply chains are crucial for clean energy, national security, and climate initiatives. The Australian government has already allocated A$303.2 million to the Eneabba Rare Earths Refinery project in Western Australia.
Australia is also fostering strategic partnerships, notably with the US. This ensures stable and diversified supply chains for critical minerals. The Climate, Critical Minerals, and Clean Energy Transformation Agreement with the US aims to accelerate clean energy initiatives and ensure mutual access to vital materials.
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