The Minerals Council of Australia (MCA) is urging major parties in the Australian election to commit to a definitive strategy for critical mineral exploration and sector expansion. MCA CEO Tania Constable questioned the efficacy of the proposed Critical Minerals Strategic Reserve, emphasizing the need to focus on core fundamentals to bolster Australia’s mining competitiveness. These include reducing energy costs, reforming industrial relations laws, and expediting environmental approval processes.
While the Labor government has outlined plans for national offtake agreements and investment stockpiling to support the critical minerals sector, these proposals have received mixed reactions. The Chamber of Minerals and Energy Western Australia (CMEWA) welcomed the government’s recognition of the sector’s importance. CMEWA Chief Executive Rebecca Tomkinson highlighted Australia’s significant rare earth reserves, noting the potential to increase global production from the current 3%. Tomkinson stressed the importance of fair pricing in offtake agreements, reflecting Australia’s high ESG standards, and called for close consultation with the industry to ensure the mechanism’s effectiveness.