Australia’s relationship with the European Union (EU) is set to be strengthened with the support of joint projects in the supply of critical minerals.
Earlier this month, the European Investment Bank (EIB), the bank of the European Union, through its development arm EIB Global, and the Australian Government signed a Declaration of Intent to strengthen cooperation on critical raw materials.
Key outcomes from the agreement include bringing together international industries, academia, research organisations and investors to facilitate finance for investment-ready critical minerals projects in Australia.
Now, a new undertaking led by the European Institute of Innovation and Technology (EIT) for Raw Materials will identify and support the preparation of joint projects as part of the EU–Australia Critical Raw Materials cooperation.
Greater collaboration between the EU and Australia comes in the wake of rising tensions globally and domestic consumption of critical minerals continuing to grow. By supporting the sustainable development of critical minerals pathways, the partnership is understood to contribute to “shared goals in clean energy, innovation, defence and economic security”.
“The EU- Australia cooperation on critical raw materials is the evidence of work among like-minded partners for resilient, sustainable supply chains that benefit both our economies and our planet,” EU Ambassador to Australia Gabriele Visentin said.
“Against attempts to destabilise the global trade system, including the critical raw materials sector, we seek to provide reliable and joint projects with the Australian government and industry in the minerals sector.”
This declaration is the first step towards enabling the EIB to support the financing of critical minerals projects in Australia.
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