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Australia and Canada have agreed to work together to improve transparency in critical minerals supply chains.

The move will aim to promote recognition of strong environmental, social and governance (ESG) standards in critical minerals markets.

Federal Resources Minister Madeleine King held talks with Canada’s Minister for Energy and Natural Resources Jonathan Wilkinson in Toronto at the Prospectors and Developers Association of Canada Convention, held from March 3–6.

“Canada and Australia are both global leaders in mineral extraction,” King said.

“The entire world is seeking access to critical minerals and rare earths, and that opens up immense opportunities for both of us.”

The two ministers released a joint statement on critical minerals cooperation which agreed shared priorities on critical minerals extraction, processing and refining.

King said consumers and investors around the world seeking to reduce their carbon footprint and invest in green technology should understand the high ESG standards of the Australian resources sector.

“Australia and Canada have a shared interest in promoting open and transparent markets for critical minerals which are crucial for clean energy technology that will help the world lower emissions and address climate change,” King said.

“Following our talks in Toronto, our two countries have agreed to advocate for robust ESG credentials to be built into global critical minerals supply chains and drive transparent and traceable supply chains.

“Prices paid for Australian minerals need to recognise the high ESG standards the Australian industry adheres to and the fact that Australian workers enjoy good working conditions and the highest safety standards.”

King said Australia and Canada also agreed to explore joint research and development exchanges and investment, and to share information and best practices on our shared priority of economic inclusion and benefit sharing with Indigenous groups.