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Australia and the US are co-producing important raw materials

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Australia and the United States will join forces in the international competition for an adequate supply of critical raw materials in the future. The two countries have signed an agreement titled “Climate, Critical Minerals and Clean Energy Agreement”. Australian Prime Minister Anthony Albanese described the deal as “an ambitious” plan during a parliamentary debate.

Australia and the United States will join forces in the international competition for an adequate supply of critical raw materials in the future. The two countries have signed an agreement titled “Climate, Critical Minerals and Clean Energy Agreement”. Australian Prime Minister Anthony Albanese described the deal as “an ambitious” plan during a parliamentary debate.

The ultimate goal of Australia and the United States is to promote and protect the sustainable supply and processing of critical minerals in both states. “This creates an enormous opportunity for Australia, and I can only underline how important it is,” Prime Minister Albanese told media representatives after the Quad Group summit, which includes Australia and the United States, India and Japan.Hiroshima, Japan.

The White House statement also emphasized that the agreement is intended to improve the availability of critical minerals in both countries. This should be done through mutual investments. To facilitate that, cooperation between the financial sectors of the two countries should also be improved. State financing agencies such as the US Export-Import Bank and Export Finance Australia will be a key component of the strategy.

An additional AUD$50 million for critical minerals

As part of a joint venture with the US, the Australian government will increase development grants to AUD 50 million for projects related to critical minerals. The subsidies are aimed at diversifying supply chains, establishing domestic processing and supporting regional development.

Australia’s Mines Minister, Madeleine King, believes the projects will help the country mature into a “clean energy superpower”. It offers great opportunities for the whole of Australia. However, regionally, the majority of funded projects are located in the state of Western Australia. A total of 13 projects are supported in New South Wales and Queensland.

Australia is already one of the largest suppliers of lithium needed in electric vehicle batteries. But key raw materials such as cobalt and magnesium are also mined below. The Australian government sees its own country as a vanguard when it comes to making it less dependent on the West for supplies of critical minerals and raw materials from China.

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