Australian government releases more details on strategic reserve
Australian government releases more details on strategic reserve
The Australian government announced new details of its proposed A$1.2 billion Critical Minerals Strategic Reserve.
Antimony, gallium and rare earth elements will be the initial focus of the reserve. The reserve will operate by securing rights to minerals produced in Australia and on-selling those rights to meet demand.
The reserve includes A$1 billion for transactions to be drawn from the expanded A$5 billion Critical Minerals Facility, which provides government-backed loans and equity support for projects. A further A$185 million has been allocated for selective stockpiling of minerals, where required, and other implementation costs.
Treasurer Jim Chalmers briefed Australia’s allies and trading partners on the new details in Washington DC this week. “The world needs critical minerals – Australia has plenty of them and our critical minerals reserve will help us weather global economic uncertainty and help to boost trade and investment,” he said.
Kristie Batten
Kristie is an award-winning journalist with over 17 years of experience covering the mining industry. She is a regular contributor to a number of leading global mining publications and is a member of the steering committee of the Melbourne Mining Club.
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