Albanese: Landmark $566m drives critical mineral exploration

Prime Minister Anthony Albanese announced this morning landmark funding of $566m to drive critical mineral exploration around Australia over the next 10 years.

An additional $100m will go towards speeding up the current environmental approvals process across states and territories for renewables and critical minerals.

Prime Minister Albanese says next week’s Federal Budget will invest in a new era of mineral exploration.

“We will fund the first comprehensive map of what’s under Australia’s soil – and our seabed,” he said.

“Meaning we can pinpoint the new deposits of critical minerals and strategic materials we need for clean energy and its technology.

“As well as traditional minerals like iron ore and gold.

“And potential storage sites for hydrogen.”

Primes Minister Albanese says that GeoScience Australia will drive this work, with all findings freely available to industry.

Asra Minerals (ASX: ASR) managing director Rob Longley says he welcomes the announcement today.

“The Prime Minister’s announcement today of a $566m investment into critical minerals exploration comes at a crucial time for Australian explorers like Asra,” he said.

“This funding reinforces the key role we play in meeting the global demand for critical minerals such as rare earth elements and lithium for the manufacturing of electric vehicles.

“Asra is committed to exploring in WA, and this package will enable us, and other explorers, to identify and unlock more critical mineral deposits.

“We look forward to engaging with the Federal Government as we advance our exploration portfolio in the world-renowned Goldfields mining region.”