Australia Takes a Major Step Towards Renewable Energy with $566 Million Investment
The Albanese government in Australia has announced a groundbreaking 10-year, AU$566.1 million investment in critical minerals exploration. This move is aimed at solidifying Australia’s position as a global leader in critical minerals and renewable energy.
Prime Minister Anthony Albanese emphasized the nation’s potential for transitioning to a clean energy future, stating, “There is no nation on earth better placed than Australia to achieve our goal of moving toward a clean energy future.”
The investment will focus on providing essential data, maps, and tools to the resource industry to facilitate the discovery of new mineral deposits and energy sources. Geoscience Australia, a government agency, will lead the effort by deploying top geoscientists to fully map Australian resources and pave the way for future exploration initiatives.
One of the key initiatives funded by this investment is the ‘Resourcing Australia’s Prosperity for 35 years’ program, which will expand mapping efforts to offshore areas for the first time. This will help identify sites for carbon capture and storage, as well as clean hydrogen projects.
Minister for Resources, Madeleine King, acknowledged the government’s focus on the resources sector, stating, “The Albanese Government has put the resources industry at the heart of its policy making because it knows a strong resources sector means a strong Australia.”
The investment is expected to boost exploration activity across Australia, where 65 companies are currently exploring across 569 tenements, covering over 290,000 square kilometers of the country.
According to Deloitte Access Economics, existing public pre-competitive geoscience has already added AU$76 billion in value to the Australian economy and supported 80,000 full-time equivalent jobs in the 2021/2022 period alone.
AMEC Welcomes Australian Resource Sector Funds
The Association of Mining and Exploration Companies (AMEC) has welcomed the government’s AU$566.1 million investment in the resource sector. AMEC Chief Executive Warren Pearce expressed optimism about the potential of the program to open new mineral jurisdictions and unlock significant mineral wealth for Australia.
In its federal budget submission, AMEC highlighted three key priorities, two of which have now been achieved through the government’s investment.
Australia’s Critical Minerals Future
Australia has identified 31 resource commodities as critical minerals based on the country’s geological potential and global technology needs. The nation remains a key producer of critical minerals, including lithium, cobalt, rare earths, and more.
To meet increasing global demand, Australia’s resource industry has intensified exploration and resource definition efforts. Economic inventories for 13 critical minerals have seen significant growth, indicating a promising future for the sector.
Australia is committed to supporting the development of its critical minerals sector, with ongoing initiatives to identify and advance new projects.
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Securities Disclosure: The author, Giann Liguid, holds no direct investment interest in any company mentioned in this article.