The Australian government has released a refreshed Critical Minerals Strategy aimed at boosting national security, driving industrial capability, and expanding domestic processing and refining capacities.
Minister for Resources Madeleine King launched the updated strategy, stating that while the initial framework released in 2023 established firm foundations, intensifying global competition and persistent supply chain vulnerabilities necessitated a 2026 review to ensure Australia’s approach remains fit for purpose in a rapidly changing global environment.
“This refreshed strategy builds on these strong foundations and guides us to the next phase which will deliver more economic and strategic value,” King said.
“It places greater emphasis on processing and refining critical minerals. Particularly where Australia has, or can develop, a comparative advantage.”
The updated policy seeks to transition Australia beyond raw resource extraction into high-value downstream processing.
Key foundational measures, such as the Critical Minerals Strategic Reserve, the Critical Minerals Facility, and the legislated Critical Minerals Production Tax Incentive, have already helped unlock major investments in strategic domestic projects.
These include Iluka’s Eneabba Rare Earths Refinery, Arafura’s Nolans Project, the Alcoa-Sojitz Gallium Recovery Project, and Renascor’s Siviour Graphite Project.
The government highlighted that building a resilient sector will require close collaboration between governments, industry, researchers, communities, and international partners.
To support energy security and the global transition to net zero, Australia will continue to work closely with trusted international partners to secure resource offtake agreements, attract foreign investment, and diversify supply chains.
By targeting government support across six key priority areas, the updated strategy reinforces Australia’s vision to become a globally significant producer of both extracted and processed critical minerals by 2030, securing long-term economic growth and sovereign resilience.
“We said from the outset that we would review the strategy in 2026 to ensure it remained fit for purpose in a changing global environment,” King said.
“The strategy will ensure Australia remains focused on areas where we can create the greatest long-term value.”
