Australia’s critical minerals list set for a major rethink
The Albanese government will adopt a new definition for “critical minerals” influenced by the needs of Australia’s defence and trade partners, in a move that could drive domestically abundant commodities such as coking coal, bauxite and iron ore onto the list.
Over the past five years, the United States, Japan, South Korea and the European Union have expanded the list of minerals they consider critical to national security and economic growth, in response to concerns China might use its dominance of mineral supply chains as a coercive tool.
Resources Minister Madeleine King says domestic scarcity of minerals will not be a prerequisite for inclusion on the critical list. Oscar Colman
Resources Minister Madeleine King suggested those concerns were valid in a year that China had moved to limit exports of gallium and germanium, two minerals vital for the manufacturing of microprocessors, defence applications and decarbonisation infrastructure.
Most nations’ critical minerals lists reflect the raw materials that cannot be secured domestically for their most important industries, but Ms King told The Australian Financial Review Energy & Climate Summit that domestic scarcity would not be a prerequisite for inclusion when she updates Australia’s list later this year. Inclusion on the list could mean favourable regulation, smoother project approvals, and access to funding.
“Our critical minerals list is different to some other nations. Other nations craft theirs on what they have, what’s scarce and what they can’t get, whereas we’ve got most of it. So it’s crafted on another basis of what is of geostrategic importance for us and our neighbours,” she said.
“We also have to consider our region and our partners because they’re an
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