King pushes for domestic processing

Federal Resources Minister Madeleine King has urged Australia to take a leading role in critical minerals and rare earths processing in the face of global uncertainty.

In her speech to attendees at the Resources Technology Showcase, held in Perth this week, Minister King reaffirmed the Federal Government’s commitment to growing the country’s critical minerals and rare earths sectors.

“In the face of extraordinarily difficult international market conditions, some might say that taking up the challenge to compete in the mining, processing and refining of critical minerals and rare earths is just too much, and that we should stick to what we do best — mining, concentration and export,” she said.

“It is my view that Australia — with this geology of such enviable riches — should step up and take responsibility globally on rare earths.  And there is no good reason not to step up.

“With the ability of the Australian resources sector there is no nation better placed to ensure the world has a diversity of choices when it comes to the minerals and metals it needs for its technology and everlasting security,” Minister King said.

Minister King says the Federal Government is working on its commitment to establish a critical minerals strategic reserve, crucial to the development of the sector.

The design of the strategic reserved, announced earlier this year to minimise reliance on volatile international supply chains, will be developed using input from the resources industry in collaboration with the Federal Government.

“[The resource industry’s] expertise and experience will be vital as the [Federal] Government works to build this nationally significant initiative,” Minister King said.

“The reserve will play a role in providing price certainty for emerging critical minerals projects. That in turn will help to de-risk those projects and encourage private sector investment.

“Pricing certainty will mean companies and investors are less exposed to markets that are opaque and prone to manipulation.”

In 2024, the Federal Government announce a $22.7b Future Made in Australia plan to increase domestic manufacturing and processing capacity and in turn secure domestic supply chains.

“These efforts — combined with the contributions of the Critical Minerals Facility, Export Finance Australia and the Northern Australia Infrastructure Facility — all add up to a $28b investment in the future of Australian resources.”