Delivering the Strategy through coordinated action

The Strategy will be delivered through coordinated and complementary action across all levels of government and with industry to effectively address cross-cutting issues.

The Australian Government will drive coordinated work to deliver the Strategy. This will grow the critical minerals sector sustainably, and in line with our national interest. The Strategy supports the Government’s security, energy and industrial priorities. The Critical Minerals Strategy will dovetail with other Government agendas like the:

• National Reconstruction Fund
• Australian Made Battery Plan
• National Electric Vehicle Strategy
• National Hydrogen Strategy
• Powering Australia Plan
• First Nations Clean Energy Strategy.

Delivering the Strategy will involve increased collaboration with state and territory governments to coordinate regulatory processes. Following the meeting of Australia’s resources ministers in March 2023, the first since 2020, the Minister for Resources will establish regular standing meetings with state and territory resources and mining counterparts. These meetings will align work in key areas such as infrastructure investment, investment attraction and regulatory frameworks.

Critical minerals supply chains are fundamentally built through commercial partnerships. The Government will work closely with critical minerals project proponents, peak bodies, financiers, equipment manufacturers and service providers to design, implement and monitor the effectiveness of policy interventions. A key example of this approach in practice is how the Government is working with industry to develop ‘co-investment plans’ to outline potential investment opportunities in the National Reconstruction Fund priority areas and to identify actions for government and industry to build Australia’s industrial capabilities.

The Critical Minerals Office (CMO) in the Department of Industry, Science and Resources provides national policy and strategic advice, and facilitation services to develop the sector. In the 2023–24 Budget, the Government committed a further $21.3 million to expand and extend the office’s work. The CMO is the Government’s policy coordination point for the sector. The CMO:

• develops policy and supports regulatory settings that enable investment and unlock downstream opportunities
• promotes investment and identifies opportunities to build diversified and secure global supply chains, in partnership with Austrade and the Department of Foreign Affairs and Trade (DFAT)
• supports research and development.

Austrade is the Government’s lead trade and investment facilitation agency. Austrade’s main role in delivering Australia’s Critical Minerals Strategy is facilitating commercial connections between Australian critical minerals companies and international investors. Austrade’s 3 focus areas for critical minerals are:

• offtake agreements for, and investment equity in, Australian critical minerals projects to accelerate their development;
• foreign investment in downstream processing and value-chain creation
• foreign investment in greenfield critical minerals opportunities.

DFAT drives Australia’s growing international engagement on critical minerals. DFAT navigates the geostrategic aspect of critical minerals to establish and maintain international partnerships and negotiates international policy settings that are conducive to Australia’s interests, including through its global network. DFAT advocates for Australia internationally, including on international economic, investment and trade finance issues associated with critical minerals.

We will report our progress towards the objectives of the Strategy in the Department of Industry, Science and Resources annual report. We will measure success using key indicators, including the year-on-year increase in the number, progress and total capital expenditure of critical minerals projects.

We will comprehensively review the Critical Minerals Strategy in 2026.