Labor pledges funds for local raw minerals processing

As the campaigns continue in the lead-up to the Federal Election, Australian Labor Party leader Anthony Albanese said this would be done through the party’s $1 billion Value-Adding in Resources Fund, itself part of Labor’s $15 billion National Reconstruction Fund.

“Australians, and particularly Western Australians, know how important the resources sector is to Australia’s economy,” Albanese said.

“It produces thousands of well-paid jobs and keeps our economy humming. But we can do more to ensure Australia is capturing the full value of the sector, and turning that into Australian jobs.

“Australia’s resource and energy export earnings are expected to reach a record $425 billion in 2021-22. Currently, most of these resources are processed overseas – meaning we miss out on jobs and economic opportunity.

“Rather than just pulling resources out of the ground and selling them overseas, this fund will help us process them in Australia, capturing more value for our economy and creating jobs here.”

Albanese said Australia’s rare earths and critical minerals presented an unmissable opportunity to develop a bigger resources industry, on top of the existing base, and expand mining science technology capabilities.

“Australia has the potential to support the development of local critical-mineral processing and specialty battery manufacture here,” he said.

“An Albanese Labor Government will deliver $1 billion in investment through loans, equity and guarantees for businesses in resources value-adding and mining science. This has the potential to unlock more investment through partnerships with institutional investors.

“Harnessing our world class resources industry to create higher value-added products is the key to fostering Australian jobs by diversifying the products we export and the markets we export to.”