Albanese Announces $1.2 Billion Critical Minerals Reserve

Australian Prime Minister Anthony Albanese has announced plans for a $1.2 billion Critical Minerals Strategic Reserve aimed at strengthening Australia’s economic resilience, reducing reliance on China, and supporting allies like the United States. The initiative will allow the government to purchase, stockpile, and sell critical minerals—such as rare earths—essential for clean energy, advanced manufacturing, and national security. The reserve will operate through direct purchases and offtake agreements from commercial projects, with a dedicated task force to finalize its structure and operations expected to begin in late 2025 or 2026. This move comes amid growing scrutiny of global supply chains and is seen as a response to geopolitical tensions and China’s dominance in the sector. Resources Minister Madeleine King highlighted that the reserve would stabilize volatile markets and provide price certainty, while minerals will be available to both domestic industries and strategic international partners. The policy builds on existing government programs supporting the critical minerals sector and reflects Labor’s focus on sovereign capability.