Australia and the EU strengthen critical minerals partnership

Australia and the European Union (EU) will work closer together to strengthen the supply of critical minerals.

A memorandum of understanding was signed by Federal Trade and Tourism Minister Don Farrell, Federal Resources Minister and Northern Australia Minister Madeleine King, EU executive vice president and commissioner for trade Valdis Dombrovskis and EU commissioner for the internal market Thierry Breton.

The partnership provides a platform for deeper links between Australia and the EU’s critical and strategic materials supply chains, greater science, technology and innovation collaboration, plus the development of environmental, social and governance (ESG) standards.

Ms King says the Australia’s clean energy transition will ride on the back of the country’s critical minerals.

“Australia’s Critical Minerals Strategy and the Future Made in Australia ambition aims to establish Australia as a clean energy superpower by 2030,” she said.

“Australia has the critical minerals, well established global supply chains and high environmental and social governance standards that support the development of our critical minerals sector.

“Those advantages will be crucial to help develop and grow the low-emissions technologies that will help the world to lower emissions and to help Australia and our export partners achieve our climate commitments.”

The partnership follows the recent implementation of the EU’s new Critical Raw Materials Act which creates new opportunities for Australia’s mining and manufacturing sectors, as well as the essential workers in these industries.

Mr Farrell commented on the partnership.

“Australia has some of the largest deposits of critical minerals on earth – minerals that are necessary parts of everything from electric vehicles to wind turbines,” he said.

“Investment from our international partners is vital to achieving Australia’s full potential as a renewable energy superpower.”