Australia’s resources minister has embarked on a week-long journey to South Korea and Japan to explore opportunities for gas exports and critical minerals. The government recently unveiled a “prospectus” featuring 52 investment-ready critical minerals projects, aiming to attract investment from allies.
The resource-rich nation is keen on securing investments in projects that focus on developing minerals crucial for green energy and are susceptible to supply chain disruptions. These projects range from rare earths processing to various cobalt and nickel mines and plants.
Minister Madeleine King emphasized the significance of Australia’s critical minerals in the global energy transformation. “Australia’s critical minerals are key to the world’s energy transformation,” she stated. “But we need to attract investment to extract these minerals, process them domestically, and manufacture batteries, wind turbines, and solar panels necessary for transitioning to a lower carbon economy.”
During her trip, King is scheduled to meet with Japan’s trade minister Ken Saito and South Korean trade and energy minister Duk-geun Ahn. Discussions will also touch on natural gas, as Australia shapes its future gas policy, given the significant energy demand from both Japan and South Korea.
Mark Zuckerberg’s Apology to Parents at Senate Hearing on Online Child Safety
“As Australians, we recognize our role in ensuring the energy security of major economies like Japan, South Korea, China, Singapore, the Philippines, and Malaysia,” King highlighted during a press briefing in Tokyo.
The call for investment comes amidst a global downturn in prices for electric vehicle battery materials, particularly lithium and nickel. Australian nickel projects have faced setbacks this year, with some, including part of BHP’s operations in Western Australia, being put on hold. King has been actively engaging with industry leaders in Western Australia to address closures and job cuts, reaffirming support for the sector and emphasizing the importance of Australian miners competing with overseas counterparts.
“Australia has the potential to become a long-term reliable supplier of critical minerals and rare earths to Japan,” King emphasized in Tokyo. “Just as Japan supported Australia’s iron ore and LNG industries, Japan can play a pivotal role in supporting Australia’s critical minerals and rare earths industries.”