Boost for Australia’s critical minerals sector

  • Media release
26 August 2021

Minister for Trade, Tourism and Investment Dan Tehan has welcomed the deal between Australia’s Renascor Resources and South Korea’s POSCO as another example of the opportunities for Australian companies to supply critical minerals to the world.

“Australia has the natural resources and industry knowledge and experience to become a world leader in the mining and supply of critical minerals,” Mr Tehan said. “Critical minerals are used in electric vehicles, smart phones, space and renewable energy, which means global demand is growing creating opportunities for Australian workers and businesses."

“The Morrison Government is working to create the conditions needed to grow this emerging sector. On my recent international visits, I promoted Australia’s critical minerals sector with governments and industry in Singapore, Japan, Vietnam, USA and Korea, including POSCO’s Chairman Choi Jeong-woo."

Renascor Managing Director David Christensen said the agreement was “a transformational step in progressing Renascor’s planned Battery Anode Material operation, which offers the potential to create significant jobs and investment in South Australia.”

“Renascor’s strategy is to become one of the world’s leading suppliers of Purified Spherical Graphite, an important valued-added graphite product that is a critical mineral for lithium-ion batteries – from right here in Australia,” Mr Christensen said.

“The Australian Government’s strong support for Renascor has been instrumental in underscoring the critical importance of our Battery Anode Material operation in the renewable energy and EV industries."

“This has been highlighted, in particular, by Austrade’s assistance in Korea in combination with the direct input and support of Minister Tehan as part of his recent visit, both of which have been important factors in advancing discussions with POSCO and securing this important agreement.”

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