Australia's Strategic Move to Bolster Critical Minerals Reserve

Australia is prioritizing critical minerals such as antimony and gallium for its strategic reserve to counter dependency on China. The move coincides with a G7 finance ministers meeting and aims to strengthen supply chains for clean energy and high-tech sectors, supporting its allies' mineral needs.

Australia has announced plans to prioritize minerals such as antimony, gallium, and rare earth elements for its A$1.2 billion strategic reserve. This development aligns with the upcoming G7 meeting, where critical mineral supply chain discussions will take center stage.

Currently, most G7 countries heavily rely on China for rare earths, crucial for clean energy and advanced technologies. Last year, the group formulated an action plan to secure these supply chains, aiming to boost their economies. Australia's rich mineral resources position it as a key player in this global strategy.

The strategic reserve plan, which includes a $8.5 billion project pipeline, seeks to secure domestic mineral rights, thereby enhancing the reliability of international supply chains. An agreement with the U.S. further underscores Australia's commitment to countering China's critical minerals dominance.

(With inputs from agencies.)