Federal Resources Minister Madeleine King is confident the federal government’s critical mineral stockpile will benefit the country moving forward.
Federal Resources Minister Madeleine King is confident the federal government’s critical mineral stockpile will benefit the country moving forward.
Speaking at the Australian Financial Review’s Mining Summit in Perth, Ms King said a designated taskforce – comprised of both private and public sector representatives – would be created to finalise the design of the reserve, which is hoped to be operational by July 2026.
Several stakeholders involved in panel discussions across the day, including from the iron ore, lithium and rare earths sectors, commended the federal government on its work in developing the reserve.
“In a time of global uncertainty, Australia will be stronger and safer by developing our critical national asset to create economic opportunity and resilience,” Ms King said.
“A strategic reserve will mean our government has the power to purchase, own and sell critical minerals bound here in Australia.
She added: “The reserve is first and foremost an asset of the Australian people – but it will no doubt be an ongoing discussion with the US and play a part in discussions with European economies and partners like Japan and Korea in our region.”
Ms King did not allude to potential items on the critical minerals list, however outlined the importance of the taskforce
"You can't just do these things on a whim," she said. "We've been thinking about this for quite some time before the announcement as you can expect.
"We're going to work through this with industry. As those will know that are involved in some of the policy work we've done, I think we're very open around consultations.
"And the taskforce will seek to get input as widely and sensibly, constructive input as soon as we can to develop it."
Ms King, who touched on a range of issues stemming from the recent federal election victory, also said she had faith in a decision regarding Woodside Energy's North West Shelf project would be a “sound” one.
“The decision has to be made properly in accordance with the law,” she said.
