Albanese adds $2b to critical minerals financing
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The news: The federal government will spend an extra $2 billion to finance Australian critical minerals mining and processing projects. The funding was announced by Prime Minister Anthony Albanese during his US trip, following the first meeting of the Australia-United States Taskforce on Critical Minerals, and is aimed at bolstering manufacturing sectors in both countries.
The numbers: The commitment will double the capacity of the Critical Minerals Facility, and takes the government's value-adding investments in Australian resources to $6 billion, Albanese said in a statement.
The context: Australia and the US have agreed to cooperate on matters involving critical minerals including rare earths under the Climate, Critical Minerals and Clean Energy Transformation Compact.
What they said: "Australia is committed to building sustainable and secure critical minerals supply chains with the United States," Albanese said.
"This is central to building a clean energy future and delivering economic growth."
The source: Federal Government Media Release
