Australia's Strategic Rare Minerals Reserve Set to Counter China

Australia will prioritize antimony, gallium, and rare earth elements in its A$1.2 billion strategic reserve. Treasurer Jim Chalmers announced this move ahead of a G7 meeting focused on securing critical mineral supply chains, as most G7 countries heavily depend on China for these resources.

Australia is taking significant steps to prioritize critical minerals, including antimony, gallium, and rare earth elements, by establishing a A$1.2 billion strategic reserve. This initiative was highlighted by Australian Treasurer Jim Chalmers ahead of a crucial G7 discussion on critical minerals.

Ahead of this significant meeting, it was noted that most of the G7 nations, including the United States, UK, Japan, and others, rely heavily on China for their rare earth supplies. The G7 is committed to strengthening supply chains and boosting economies through strategic plans.

Australia's strategic reserve represents a proactive measure to mitigate supply chain vulnerabilities. As one of the leading producers of critical minerals, the country plans to enhance trade and investment by supporting allies with reliable supply chains and leveraging a proposed strategic reserve.

(With inputs from agencies.)