Alumina, uranium, phosphate, zinc, bauxite, tin and potash would join Australia’s critical minerals list under a Coalition Government, Opposition leader Peter Dutton said.
It was part of the Coalition’s ‘Plan for a Strong Resources Industry’ released today.
Cutting red and green tape when it comes to project approvals and accelerating investment through ‘FIRB Fast-Track’ were among the elements of the Coalition plan.
The Coalition also announced support for the $3.4 billion ‘Resourcing Australia’s Prosperity’ program, committed to by the Federal Labor Government in last year’s Budget.
The 35-year precompetitive geoscience initiative, led by Geoscience Australia, aims to accelerate the discovery of critical minerals and other resources.
Opposition spokeswoman for resources, Senator Susan McDonald, said the Coalition’s plan would not only benefit Australia’s economy, but boost its global standing as a trading partner and ally.
“Our commitment to a $3.4 billion geoscience program builds on our plan to unleash the next wave of mining investment, including through our $100 million extension of the Junior Minerals Exploration Incentive, announced last week,” she said.
“Expanding the critical minerals list will underpin our reliability and national security credentials as part of the Quad, AUKUS and Five Eyes, and ensure we have a firm strategy around these key commodities.”
Peak industry group the Association of Mining and Exploration Companies (AMEC) welcomed the plans to expand the critical minerals list and slash project approval times.
“Our members are regularly challenged by arduous, time consuming, costly, and at times duplicative approvals processes,” AMEC chief executive officer Warren Pearce said.
“If a Coalition Government can halve project approval times, then that would be a massive improvement for the entire sector.
“Supporting and backing the mining and exploration sector to succeed is both logical and strategically smart.”
Related: Coalition promises fund to future-proof regional Australia
Minerals Council of Australia chief executive officer Tania Constable described the Federal Coalition’s Plan for a Strong Resources Industry as a positive step to unlock new mining opportunities and harness Australia’s critical minerals potential.
“Together with the Future Generations Fund and Regional Australia Future Fund, the plan recognises the critical role of mining and agriculture in Australia and the opportunity to leverage Australia’s incredible advantage in a rapidly changing world,” she said.
“This positive proposal would align the critical minerals list with the strategic materials list and expand it to include minerals vital to our partners’ defence and national security, such as uranium, zinc, bauxite, alumina, aluminium, potash, phosphate and tin.
“Australia supplies 10 per cent of the uranium fuelling the United States’ 94 nuclear reactors and holds the world’s largest uranium reserves, enough to meet US demand for over 60 years.
“As the US ramps up its energy needs, Australia is well placed to ensure secure, long-term supply.
“The Coalition’s proposed dual-pronged future funds represent an opportunity for Australia to responsibly manage the enormous contribution being made by the mining industry towards the nation’s prosperity.
“The record taxes and royalties from Australia’s mining sector present a golden opportunity to pay down national debt and invest in the future.”
