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Australia will work closely with the European Union (EU) to strengthen the supply of critical minerals.

It is hoped that the partnership will provide a platform for deeper links between Australia and the EU’s critical and strategic materials supply chains, greater science, technology and innovation collaboration, and the development of environmental, social, and governance (ESG) standards.

“Australia has some of the largest deposits of critical minerals on earth – minerals that are necessary parts of everything from electric vehicles to wind turbines,” Federal Trade and Tourism Minister Don Farrell said.

“Our partnership will encourage investment from the EU into Australian renewable energy projects, including the local manufacturing industry boosted by the Federal Government’s $22.7 billion Future Made in Australia package.”

The partnership follows the implementation of the EU’s new Critical Raw Materials Act, creating new opportunities for the Australian mining and manufacturing sectors, as well as the essential workers in these industries.

“Australia’s Critical Minerals Strategy and the Future Made in Australia ambition aims to establish Australia as a clean energy superpower by 2030,” Federal Resources Minister Madeleine King said.

“Australia has the critical minerals, well established global supply chains and high environmental and social governance standards that support the development of our critical minerals sector.

“Those advantages will be crucial to help develop and grow the low-emissions technologies that will help the world to lower emissions and to help Australia and our export partners achieve our climate commitments.

“The clean energy transition will ride on the back of Australia’s critical minerals.”