Foreign investment will be crucial to Australia maintaining its status as a resource powerhouse, Resources Minister Madeleine King told a conference in Singapore.

“Australia is fortunate enough to boast some of the richest deposits of critical minerals reserves in the world. We have the world’s second largest deposits of lithium and cobalt, and the sixth largest for rare earths. But we can’t develop these on our own.

“Foreign investment from likeminded partners will be crucial to getting Australian projects off the ground and establishing new, diverse global supply chains,” King said.

“Australia of all nations understands the need for increased foreign investment in our critical minerals and manufacturing sector to help get Australian projects off the ground.

Australia’s resources industry was founded thanks to foreign investment. And it will be those same foreign investors that help us build our critical minerals industry.

“With the trifecta of rich critical minerals deposits, an established and highly skilled resources sector and high environmental, social and governance standards, Australia is an attractive partner to those wanting to develop new critical minerals supply chains.”

The Minister said that the government was doing a “great deal of work” to unlock the full potential of Australia’s critical minerals endowments, supporting sector growth through initiatives like the A$2-billion Critical Minerals Facility, and the A$100-million Critical Minerals Development Program.

“We would like Australia to become a partner of choice for Singapore when it comes to critical and battery minerals,” King told delegates at the Future Facing Commodities conference.

“Our large critical minerals reserves, technical expertise, and track record as a reliable and responsible supplier of resources and energy mean we can play a large role in meeting global critical and battery mineral needs.”

She noted that the Indo-Pacific Economic Framework (IPEF), announced in May last year, was one example of the way Australia was working closely with key strategic partners on critical minerals.

An objective of IPEF includes ensuring access to key raw and processed materials, semiconductors, critical minerals, and clean energy technology.

“As Australia and Singapore are both IPEF members, this offers further opportunity to increase Australia and Singapore’s cooperation on critical minerals and associated values chains.

“I would remind you, though, we should not forget when discussing this theme of future-facing commodities the role that traditional resources such as gas, iron-ore, bauxite and coal will play as the world focusses on reducing emissions.

“Iron-ore and coal are needed to produce the steel which is essential for wind and solar generation. Each new megawatt of solar power requires between 35 t to 45 t of steel, and each new megawatt of offshore wind power requires 120 t to 180 t of steel.

“Gas meanwhile will provide the flexibility we need to add more renewables to the grid, while being a vital feedstock and heat source to process those critical minerals. The change in the air, driven by the global commitment to net zero, means new opportunities,” King added.

“Nations that are proactive, innovative and clever in the way they work with their strategic partners will be best-placed to make the most of these opportunities. We are determined to be one of those countries, and we see nations like Singapore and others in South-East Asia as playing a significant role.  

“Ultimately, capturing more value from critical and battery minerals is going to build new industries, create high-paying jobs, and boost trade and investment,” the Minister said.