Australia’s Labor vows critical minerals reserve on election win
Australia’s Labor party will create a critical mineral reserve if the incumbent government wins the upcoming election, seeking to secure supplies of the crucial materials as global trade headwinds grow.
A Labor government will make an initial investment of A$1.2-billion in the strategic reserve, which is expected to be operational in the second half of next year, according to a government spokesperson. Prime Minister Anthony Albanese will announce the policy on Thursday.
Critical minerals are vital in the development of clean energy, smartphones and military technology. Australia is the biggest producer of rare earths outside of China, and Albanese has previously flagged a reserve to build resilience in the face of US President Donald Trump’s expanding trade conflicts.
“The Strategic Reserve will mean government has the power to purchase, own and sell critical minerals found here in Australia,” Albanese said in a statement. “It will mean we can deal with trade and market disruptions.”
The government plans to build selective stockpiles of critical minerals through either offtake agreements, which siphon a portion from existing projects on a voluntary basis, or through purchasing deals. The reserve will be available to “domestic industry and key international partners,” with the design and scope to be finalized by a taskforce after the May 3 election.
Early voting has already kicked off and Albanese’s center-left Labor government is currently leading the Liberal-National Coalition opposition in opinion polling with less than two weeks to go.
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