The Federal Government has announced its intention to update Australia’s Critical Minerals List, and that it will be consulting with industry leaders, experts and other stakeholders to inform the changes.
The Critical Minerals List outlines minerals that are essential to modern technologies, economies and national security, and whose supply chains are vulnerable to disruption. The current list, last updated in March 2022, includes 26 minerals.
The Federal Government noted that updating the Critical Minerals List was a priority in its Critical Minerals Strategy, released in June 2023.
The new Critical Minerals Strategy sets out a plan to establish Australia as a global supplier of raw and processed critical minerals by 2030.
Critical minerals are crucial components of low-emissions technology such as batteries, electric vehicles, solar panels and wind turbines, as well as important elements in advanced medical and defence technologies.
Reviewing and updating the Critical Minerals List is an important process to signal and focus the government’s efforts to grow the critical minerals sector and embed Australia in global critical minerals supply chains.
Federal Minister for Resources and Northern Australia, Madeleine King, said updating the Critical Minerals List would ensure the government could support the industry’s development and could help Australia work with international partners to build stronger global supply chains.
“Reviewing and updating our Critical Minerals List will help Australia capitalise on our amazing potential to create new industries and new jobs around our rich geological endowment and build on our record as a stable and reliable resources and energy exporter,” Ms King said.
“Building a strong and reliable critical minerals sector will help Australia and the world achieve net zero emissions, while creating thousands of new jobs and supporting economic growth for decades to come.
“The path to net zero runs through Australia’s resources sector.”
Australia is the world’s largest producer of lithium, the third largest producer of cobalt and fourth largest producer of rare earths. Australia also produces significant amounts of metals such as nickel and copper, which combined with critical minerals, are crucial for low-emissions technology.
Ms King said the government would update the list by the end of the year and would prioritise support for critical minerals projects that underpin priority technologies and contribute to the vision and objectives set out in the Critical Minerals Strategy.
The issues paper, and information on how to lodge a submission, is available through the Department of Industry, Science and Resources consultation hub here.
