Prime Minister Anthony Albanese has weathered criticism about his plan to buy and stockpile critical minerals and rare earths in a strategic reserve, saying the national interest trumps miners’ concerns.
Mr Albanese last week revealed taxpayers will foot an initial $1.2 billion investment in a Critical Minerals Strategic Reserve if Labor is re-elected to “deal with trade and market disruptions from a position of strength”.
The government would buy agreed volumes of critical minerals from commercial projects or establish an option to purchase them at a given price. A stockpile of certain key minerals could be built up to manage a market susceptible to disruption and manipulation.
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