The European Commission has signed an agreement with Australia to collaborate on sustainable critical and strategic minerals.
The EU and Australia signed a Memorandum of Understanding (MoU) that will see bilateral cooperation to reinforce critical raw materials supply chains.
The MoU was signed by the EU’s Executive Vice-President and Commissioner for Trade Valdis Dombrovskis, Commissioner for Internal Market, Thierry Breton, and Australia’s Resources and Northern Australia Minister Madeleine King, and Minister for Trade and Tourism Don Farrell.
The collaboration will cover all aspects of the critical and strategic minerals value chain, including exploration, extraction, processing, refining, recycling, and extractive waste processing.
Valdis Dombrovskis commented on the landmark agreements: “Australia is a like-minded partner and a global leader when it comes to critical raw materials.
“This partnership marks a major step forward in our efforts to secure a more sustainable supply of critical raw materials for the EU whilst fostering investment in Australia.
“Our MoU focuses on integrated value chains, boosting research and innovation for both sides as well as sustainable production. This will also help us to deliver the green and digital transition.”
Partnership objectives
This partnership seeks to enable the EU to diversify its supply of materials necessary for green and digital transitions while contributing to the development of Australia’s domestic critical minerals sector.
The partnership will develop projects along the entire value chain in the EU and Australia.
It will also explore cooperation in countries where the EU and Australia have mutual interests, focusing on reducing environmental impacts and benefiting local communities.
Additionally, it promotes innovative and digital technologies and services for mining and other projects along the critical minerals value chain.
Reinforcing critical and strategic minerals supply chains
This MoU enhances cooperation between Australia and the EU in several key areas.
Firstly, it integrates sustainable raw materials value chains by networking, jointly facilitating projects through joint ventures, creating new business models, and promoting trade and investment linkages. This ensures well-functioning, sustainable, and resilient critical supply chains.
Secondly, it encourages cooperation on research and innovation along the raw materials value chains, focusing on mineral knowledge and minimising environmental and climate impacts.
Thirdly, it promotes high environmental, social, and governance standards and practices, as well as improved policy alignment, with full respect for worker conditions and safety, ensuring sustainable and secure production of critical minerals.
Thierry Breton commented: “I trust the signature of this partnership will send a strong message across the entire raw materials ecosystem in the EU and in Australia.
“It will boost cooperation, investments, and business opportunities. We aim for more sustainable and responsible production and real industrial integration of value chains between the EU and Australia, supporting competitiveness.
“We now need to move forward swiftly and work together with governments and the private sector to unlock the full investment and business potential.”
