In late October, the Albanese Government in Australia announced a A$2 billion (US$1.3 billion) expansion in critical minerals financing to solidify Australia’s position as a world leading provider, help the transition to net zero, boost the economy and support more jobs and opportunities for Australians.

Critical minerals, including rare earths, are the building-blocks for a clean energy future, and are essential to achieving Australia's energy transition. This significant commitment will double the capacity of the Critical Minerals Facility to finance Australian critical minerals mining and processing projects.

This expansion of the Critical Minerals Facility takes the Government’s value-adding investments in Australian resources to A$6 billion (US$3.9 billion).

Prime Minister Albanese and Resources Minister Madeleine King announced the $2 billion expansion, surrounded by Australian and US industry leaders, after the inaugural meeting of the Australia-United States Taskforce on Critical Minerals.

A sustainable and reliable supply of critical minerals is vital to supporting the Australian and United States’ manufacturing sectors. Australia is ideally positioned to provide responsibly-produced and processed critical minerals to fulfil this demand.

Cooperation with the United States on critical minerals is central to the Climate, Critical Minerals and Clean Energy Transformation Compact. The Compact affirms the position of climate and clean energy as the third pillar of Australia’s alliance with the United States.

The expanded Critical Minerals Facility supports the Australian Government's Critical Minerals Strategy 2023-2030.