As global demand accelerates, the agreement will help Australia and the US build stronger, more secure supply chains for critical minerals and rare earths, covering every stage from mining to separation and processing.
Under the deal, both countries will invest $1 billion over the next six months into critical minerals projects, ensuring key initiatives can move forward without delay. These projects won’t only secure supply chains but also create jobs, attract investment and strengthen regional economies.
Critical minerals are essential for modern and advanced technologies, including computers, heavy industry, defence equipment and renewable energy. Among the 31 critical minerals are antimony (used in solar panels, storage batteries and semiconductors); cobalt and lithium (which power electric vehicle batteries); and silicon (a fundamental component of computer chips).
Many people are unaware of just how valuable Victoria’s critical mineral resources are. More than a dozen projects are in development across the state, from Gippsland to the Wimmera, the Mallee and western Victoria. We’re home to significant deposits of titanium, zirconium and rare earth elements in mineral sand deposits, along with Australia’s only operating antimony mine.
This places Victoria in a strong position to benefit directly from the Australia-US pact, driving jobs, investment and economic opportunities across the regions. Through this framework, we’ll invest in projects across the country, grow our mining and processing sectors, and promote trade in minerals produced to the highest environmental and labour standards.
We’ll also work with the US to address challenges in global minerals markets – including unfair trade practices and price volatility – and improve regulatory processes, recycling capability and geological mapping.
By doing so, we not only secure a resilient supply of critical resources but also strengthen our economic and strategic partnership with the US. Importantly, this cooperation also reduces our reliance on China, which currently controls much of the world’s processing and refining of these elements.
By aligning the Albanese Labor Government’s Future Made in Australia plan with new investment from the US, Australia is shifting from simply extracting critical minerals to processing them here and building sovereign capability.
For a state with a proud manufacturing record and a world-class agriculture industry, Victoria’s role in the critical minerals and rare earths economy opens an exciting new chapter – one that promises high-skilled jobs, regional growth and a more competitive industrial base.
It’s a golden opportunity to diversify supply chains for critical minerals and advanced manufacturing – and we must seize it.
Senator Raff Ciccone is a Federal Labor Senator for Victoria.
