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The Australian government will double the amount of money on offer to support critical minerals projects, aiming to attract American miners and processing companies to establish operations in Australia.Part of the appeal for Australia of expanding its critical minerals footprint is to plug an anticipated fiscal shortfall amid waning demand for fossil fuel exports in a decarbonizing world.
“We’re in a strong position, as the world’s largest supplier of lithium, for example, a significant supply of cobalt, vanadium, copper, nickel. The minerals that will power the globe in the 21st century are things that Australia has significant amounts of,” Prime Minister Anthony Albanese A critical minerals task force aimed at increasing private investment in Australia’s rare earths industry and reducing global dependence on China has also been discussed with American authorities.The country has lithium, gold, bitumen and iron ore deposits and is intent on emulating nations such as Indonesia in climbing up the commodities value chain.