Ministers for the Department of Industry, Science and Resources
Minister for Resources Madeleine King today launched a refreshed Critical Minerals Strategy for Australia with a focus on economic resilience, national security, and industrial capability.
Minister King said the government had already laid strong foundations for the sector through the establishment of the Critical Minerals Strategic Reserve, the expansion of the Critical Minerals Facility, and the legislated Critical Minerals Production Tax Incentive.
“These initiatives have helped unlock major investments in strategically significant projects across Australia, including Iluka's Eneabba Rare Earths Refinery, Arafura's Nolans Project, the Alcoa-Sojitz Gallium Recovery Project and Renascor's Siviour Graphite Project," Minister King said.
“This refreshed strategy builds on these strong foundations and guides us to the next phase which will deliver more economic and strategic value,” Minister King said.
“It places greater emphasis on processing and refining critical minerals.
“Particularly where Australia has, or can develop, a comparative advantage.
“That will create more jobs, attract investment, and strengthen Australia’s sovereign capability.
In the three years since the first strategy was released, the importance of critical minerals in sustaining economic resilience, industrial capability and national security has only increased.
Critical minerals are essential to the technologies that will power the economy in the decades ahead, from batteries and electric vehicles to renewable energy systems, advanced manufacturing, and defence capabilities.
The strategy identifies the actions Australia must take now, and in the future, to secure long-term benefits for the nation.
“We said from the outset that we would review the strategy in 2026 to ensure it remained fit for purpose in a changing global environment,” Minister King said.
“Since the original strategy was released in 2023, market conditions have become more challenging, competition for investment has increased, and vulnerabilities in the global supply chain remain.”
“The strategy will ensure Australia remains focused on areas where we can create the greatest long-term value.
"The development of Australia’s critical minerals industry won’t be a solo endeavour."
The strategy also recognises the important role trusted international partnerships will play in developing in developing Australia’s critical minerals sector.
“Australia will continue working with trusted partners to attract investment, secure resource offtake opportunities and strengthen the critical mineral value chain which supports shared economic and strategic interests,” Minister King said.
The updated Critical Minerals Strategy can be found here: https://www.industry.gov.au/CriticalMineralsStrategy
To have your say, visit www.consult.industry.gov.au/.