As the 51st G7 Summit approaches, Australia is positioning itself as a key player in the global critical minerals sector. With the summit set to take place from 15 to 17 June 2025 in Kananaskis, Alberta, Canada, discussions are expected to focus on securing supply chains for essential minerals vital to modern technologies.
Professor Mohan Yellishetty, a leading expert in sustainable mineral resources at Monash University’s Department of Civil Engineering, emphasises the importance of Australia’s role in this sector.
“Our partners and allies increasingly see Australia as a trusted, sustainable source of critical minerals,” Yellishetty says. “Australia’s strong ESG performance, world-class METS expertise, and highly productive mining operations establish us as a global leader in the resources sector.”
With nearly three decades of experience across institutions like CSIRO, Yale University, and IIT Bombay, Yellishetty highlights the reliance of clean energy, defence, and digital infrastructure on access to critical minerals.
In response to growing global demand and supply chain pressures, Yellishetty advocates for Australia to scale up its capabilities through shared processing hubs, targeted incentives such as royalty relief, and support for retrofitting existing mines to recover high-demand by-products like cobalt, antimony, and rare earths.
The Australian government has taken significant steps in this direction, passing legislation that provides tax incentives worth 10 per cent of processing and refining costs for 31 critical minerals from 2028 to 2040. Additionally, a $1.2 billion investment has been announced (by the Australian Labor Party) to establish a Critical Minerals Strategic Reserve, aiming to secure essential minerals for strategic international partnerships.
Yellishetty notes the importance of Prime Minister Anthony Albanese’s attendance at the G7 Summit, stating, “The G7 league of countries, along with other invited nations such as India, Indonesia, and Korea, accounts for nearly 60 per cent of our FDIs; therefore, PM Albanese’s visit is of significant importance.”
Trade Minister Don Farrell has drawn attention to Australia’s position as a secure and reliable alternative source for critical minerals, especially in light of China’s recent suspension of rare earth exports. Farrell says that while China produces 30 of the 50 minerals deemed critical by the U.S. Geological Survey, Australia holds significant deposits and aims not only to extract but also to process these minerals, seeking investment from international partners including the EU, U.S., Japan, South Korea, Singapore, and India.
Despite these efforts, challenges remain. The U.S. recently rejected Australia’s proposal for a guaranteed supply of critical minerals in exchange for tariff exemptions on steel and aluminium, subjecting Australia to a 25 per cent tariff. Nevertheless, Australia continues to negotiate for exemptions and attract investment into its critical minerals industry.
As the G7 Summit convenes, Australia’s initiatives in the critical minerals sector will be closely watched. The country’s strategic investments and policy measures aim to reinforce its role as a reliable supplier, contributing to the stability of global supply chains and the advancement of clean energy technologies.
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