MELBOURNE, June 20 (Reuters) - Australia, one of the world's biggest suppliers of raw minerals, unfurled a landmark strategy on Tuesday that outlines how it will work with investors and international partners to build a critical minerals processing industry for the energy transition.
Supplier of nearly half of the world's lithium, Australia is a significant producer of rare earths, cobalt, copper, graphite, manganese and other minerals key to the global energy transition.
The Grattan Institute, a think tank, estimates the critical minerals industry could add more than $400 billion to Australia's economy by 2050, a bigger contribution than the coal industry, Australia's no.2 export, today.
The government is considering policies that would enabledomestic supply of Australian critical minerals for Australian projects, it said, although any future approach must be tailored to the needs of Australia and the global context.
This comes as international companies secure ownership and supply of Australian minerals, particularly lithium and rare earth elements, meaning Australian processors and manufacturers may struggle to access supplies of Australian minerals in future.
Persons:
Madeleine King, Melanie Burton, Chizu
Organizations:
MELBOURNE, Labor, Grattan Institute, European Union, Thomson
Locations:
Australia, China, Taiwan, United States, United Kingdom, Japan, Korea, India