Tuesday, 27 September 2022

Shadow Minister for Resources, Senator Susan McDonald, has welcomed the Federal Government’s support in honouring Coalition funding commitments for critical minerals producers announced in last year’s Budget.

Grants for Alpha HPA Ltd (high purity aluminium; $15m), Cobalt Blue Holdings (cobalt; $15m), Lava Blue (high purity alumina; $5.24m), EQ Resources Ltd (tungsten, gold; $6m), Global Advanced Metals Pty Ltd (tantalum; $4m) and Mineral Commodities Ltd (mineral sands, battery minerals; $3.94) were announced in April under the $200m Critical Mineral Accelerator Initiative.

Senator McDonald said the Government was right to recognise the importance of Australia’s critical minerals industry.

“Worldwide demand for minerals is growing and the Coalition recognised it’s absolutely vital we position Australian companies to take full advantage,” she said.

“Tantalum is used in surgical products and nuclear reactors, cobalt extends the life of batteries, tungsten is a battery component, and aluminium has countless uses, including for solar panel frames and plane parts.

“Global shifts to more renewable energy and batteries will need a major increase in output from Australian deposits of these and many other minerals such as copper and nickel.

“Continued government investment in this sector is paramount, as is establishing a streamlined, easy-to-understand regulatory framework.

“Mining contributes billions of dollars to our economy which is used for roads, hospitals and schools. It also provides stable, high-paying jobs in regional Australia.”