Strategy goes global to back resources sector

Strategy goes global to back resources sector

The Federal Government will spend $20.1 million over two years to deliver a Global Resources Strategy.

The strategy will help strengthen the nation’s resources exports, secure new global markets and promote Australia as a reliable and responsible supplier to the world.

The strategy is part of a wider effort to help Australia build resilience to trade shocks such as the global COVID-19 pandemic — which highlighted the potentially fragile nature of global supply chains.

Federal Resources Minister Keith Pitt said Australia’s resources sector more than lived up to its reputation as a dependable, resilient and efficient supplier of major commodities to the world throughout the COVID-19 pandemic.

“The new Global Resources Strategy will make sure Australian resources and innovation can build on that reputation and strength, to secure new markets and long-term benefits for the wellbeing of the sector and the Australian economy,” he said.

“The strategy will help boost investment in regional Australia by exploring new markets for our major commodities and critical minerals in the Indo-Pacific, Europe and North America.

“It will also support new investment in research and commercialisation of alternative uses for some of our commodities and provide greater international focus for our world-leading and innovative mining engineering, technology and services sector.

“The strategy will support the Australian resources sector to remain the world’s supplier of choice for our major commodities as well as our critical minerals and new energy resources, such as hydrogen.”

It will focus on building closer relationships with key trading partners through increased engagement at both government and industry levels.

“We’re looking to explore new export opportunities in South East Asia, where the World Energy Outlook reports demand for major commodities such as thermal coal is expected to increase beyond 2020 levels until 2030,” Mr Pitt said.

Minerals Council of Australia chief executive Tania Constable said the strategy would support the Australian minerals industry as a reliable exporter to existing and emerging markets and a major contributor of critical minerals required for global transition to clean energy technologies.

“Global supply chains are increasingly being disrupted by geopolitical shifts, decreasing supply chain security and rapidly increasing competition for manufacturing market share,” Ms Constable said.

“Australian mining companies already have a diverse supply of exports and have always actively looked for new markets for major commodities – such as iron ore, coal, and bauxite as well the minerals and metals vital for new technologies. This strategy will further assist this important ongoing task.”