Business & Economy

Australia sets up $1.46 billion fund for critical minerals projects

Sydney, Australia, Sep 28 (EFE).- The Australian government on Tuesday announced the creation of a AU$2 billion ($1.46 billion) loan facility for critical minerals projects “to help secure the vital supplies of resources needed to drive the new energy economy and support the resources jobs of the future.”

Australia is the world’s leading lithium-producing country and the second largest producer of zirconium and rare earth metals, and also has among the largest recoverable reserves on the planet of critical minerals that are used in advanced technologies including renewable energy, aerospace, defense and telecommunications.

Australian Prime Minister Scott Morrison said in a joint media release with Trade Minister Dan Tehan that the loan facility will help get these projects off the ground and also help Australian producers “link up with others in our supply chains in a free and open Indo-Pacific.”

Morrison reiterated earlier this year that his government prefers to achieve net-zero emissions by 2050 primarily through technological development without committing to a clear target.

“Global demand for critical minerals needed for clean technology applications, like high powered magnets and batteries, are expected to grow exponentially over the coming decades,” the statement said.

Meanwhile, Minister for Resources and Water Keith Pitt said that Australia, as a world leader in lithium production, “is well placed to grab its share of the market” which is forecast to be worth $400 billion globally by 2030. EFE


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