Opposition sees critical shortcomings in strategy

The Federal Government's failure to add new commodities to Australia’s critical minerals list has been slammed by the Opposition as highlighting a lack of initiative in this sector. Coalition spokeswoman for resources Senator Susan McDonald (pictured above) has been advocating for the addition of potash, phosphate, aluminium, alumina, bauxite, nickel, copper, and zinc to the list. After the release today of the Labor Government's updated critical minerals strategy, she said that unfortunately it had pushed any updates of the list out to 2026. Senator McDonald said it was even more telling of the Albanese Government's lack of direction that nearly all direct funding for critical minerals investments currently were Coalition initiatives. “The Critical Minerals Facility, the NAIF, the Development Program, the Research and Development Hub – all of these groundbreaking programs were set up by former Coalition ministers,” she said. “I hope for Australia’s sake the government steps up and delivers some certainty to this critical sector.” A spokesman for Federal Resources Minister Madeleine King said the strategy would establish a process to update the critical minerals list. "Australia’s new critical minerals strategy sets out a vision to grow our critical minerals wealth, create Australian jobs in mining and manufacturing, strengthen global clean energy supply chains, and support the world to achieve net zero emissions," he said. AMEC chief executive Warren Pearce welcomed the release of the strategy, saying it provided an enduring framework to build and shape Australia’s critical minerals industry into the future. “There are currently 81 major critical minerals projects being developed in Australia, valued at approximately $40 billion," he said. "If we are to achieve our Net Zero ambitions, critical mineral projects need to move ahead in order to provide the minerals needed to develop decarbonisation and renewable technologies. "For this to happen, we need more efficient and effective regulatory approvals processes to enable mineral exploration and mining projects to be developed in a time-efficient and cost-effective manner.” Mr Pearce said AMEC would also like to see other important minerals such as nickel and copper added to Australia’s critical minerals list. “The world needs Australia to develop its critical minerals so that we can decarbonise,” Mr Pearce said. “As such, AMEC would like to see the government look more closely at copper and nickel, and other areas such as lithium and Vanadium Redox Batteries, which are Australia’s opportunity to establish the full battery supply chain, from pit to battery and into our grid. “And while, no new funding has been announced alongside the strategy, the recent Critical Minerals Compact between Australia and the United States offers the possibility for Australian companies to tap into Inflation Reduction Act incentives. “If this can be achieved, it could be a game changer for the Australian critical minerals industry."

Opposition sees critical shortcomings in strategy

Industry Queensland

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