Australian Government commits $20m to resources strategy

Federal Minister for Resources, Water and Northern Australia Keith Pitt said the strategy would assist Australia’s resource sector in supplying to new global markets during the world’s recovery from COVID-19.

“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,” Pitt said.

“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.”

Major beneficiaries include regional Australia and the 262,000 workers in the resource sector, and those who look to gain industry employment as government investment grows.

“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,” Pitt said.

“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.”

Pitt said the strategy will feature expert advice for market opportunities on commodities including coal, as well as hydrogen and critical minerals.

This is in line with global trend forecasts into the mid-term, as the world attempts the transition to clean energy.

“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,” Pitt said.

The investment has followed similar contributions this year, including $190 million to the Our North, Our Future plans, as well as a further $100 million to extend the Junior Minerals Exploration Incentive.