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(Bloomberg) — Australia’s Labor party will create a critical mineral reserve if the incumbent government wins the upcoming election, seeking to secure supplies of the crucial materials as global trade headwinds grow.
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A Labor government will make an initial investment of A$1.2 billion ($769 million) in the strategic reserve, which is expected to be operational in the second half of next year, according to a government spokesperson. Prime Minister Anthony Albanese will announce the policy on Thursday.
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Critical minerals are vital in the development of clean energy, smartphones and military technology. Australia is the biggest producer of rare earths outside of China, and Albanese has previously flagged a reserve to build resilience in the face of US President Donald Trump’s expanding trade conflicts.
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“The Strategic Reserve will mean government has the power to purchase, own and sell critical minerals found here in Australia,” Albanese said in a statement. “It will mean we can deal with trade and market disruptions.”
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The government plans to build selective stockpiles of critical minerals through either offtake agreements, which siphon a portion from existing projects on a voluntary basis, or through purchasing deals. The reserve will be available to “domestic industry and key international partners,” with the design and scope to be finalized by a taskforce after the May 3 election.
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Early voting has already kicked off and Albanese’s center-left Labor government is currently leading the Liberal-National Coalition opposition in opinion polling with less than two weeks to go.
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—With assistance from Paul-Alain Hunt.
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