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MELBOURNE (Reuters) – Australia’s resources minister will visit South Korea to discuss gas exports and critical minerals opportunities, after the Australian government on Monday released a “prospectus” for 52 investment-ready critical mineral projects. and began a week-long visit to Japan.
The resource-rich country is an ally in projects to develop minerals essential for green energy and at risk of supply chain disruption, from processing rare earths to a variety of mines and plants producing cobalt and nickel. We are seeking investment from
“Australia’s critical minerals are key to the world’s energy transformation,” Minister Madeleine King said in a statement.
“But we need to attract investment to get these minerals out of the ground, process them here, and build the batteries, wind turbines and solar panels we need to transform to a low-carbon economy,” she said. Ta.
He said in a statement that King will meet with Japanese Trade Minister Takeshi Saito and South Korean Trade and Energy Minister Andok Geun.
The minister is also expected to engage with natural gas stakeholders as Australia develops its future gas policy, given that both countries are large customers of major exporters.
The move to encourage investment comes as prices for lithium and nickel, the materials used in electric car batteries, are falling globally, hurt by slower-than-expected adoption of electric vehicles. Nickel prices are also being hit by large supplies from Indonesia.
Already this year, a number of Australian nickel projects have been frozen, including some of BHP’s operations in Western Australia. More production is expected this week as miners report production.
Mr King met industry leaders at multiple roundtables last week in Western Australia, the country’s resource hub, amid announcements of closures and job cuts.
She pledged support for the sector and said she was determined to enable Australian miners to compete with cheaper, lower-grade minerals produced overseas using less environmentally friendly methods.
The Australian Mining Association announced last week that it had called for a 10% production tax credit, royalty deferrals and funding for shared infrastructure in a meeting with senior ministers.
(Reporting by Melanie Burton; Editing by Christopher Cushing)
Copyright 2024 Thomson Reuters.
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