Australia, UK join hands to develop critical minerals

After the signing of new Statement of Intent, Australia and the United Kingdom will further their cooperation on essential minerals.

During Minister Trevelyan’s visit to Australia in Perth, Madeleine King, Minister for Resources as well as Northern Australia, and Anne-Marie Trevelyan, UK Minister for the Indo-Pacific, signed the declaration.

According to Minister King, the Statement of Intent with the UK “further reinforces Australia’s resolve to grow critical minerals sector as the best global supplier of resources that are needed for clean-energy technology, such as batteries, electric vehicles, solar panels, and wind turbines.”

To enable Australia and the UK, both to reduce emissions and fulfil their net zero goals, we will work with UK to establish resilient, sustainable, and transparent supply chains for vital minerals.

I look forward to embracing UK investment focused on crucial mining projects at all levels in Australia. The UK has a long history of investing in Australia’s resource development.

According to International Energy Agency (IEA), more essential minerals and rare earth elements will need to be produced in order to fulfill rising global demand and contribute to the Paris climate goals.

Australia is the world’s top producer of lithium, an essential mineral for battery and electric vehicle technologies, and it possesses enormous quantities of vital minerals, including rare earth elements.

Australia also enjoys a solid reputation as a desirable and secure location for investment and well-established supply chains and trade ties for exporting minerals and energy.

In line with the letter of intent, Australia and the UK will:

bolster sovereign downstream processing and manufacturing capabilities; search for new critical minerals value chains, primarily through recycling; and expand investor links for critical mineral projects;

increase research and development partnerships;

High environmental, social, and governance (ESG) standards should be promoted.

Australian and UK businesses should also be encouraged to share knowledge as well as expertise with other international partners.

Later this year, Minister King will present Australia’s new essential Minerals Strategy, which will promote industry expansion and recognize the significant contribution essential minerals can make to Australia’s goal of achieving net zero emissions by 2050.

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