SYDNEY -- Australia will expand financing for the critical minerals sector by 2 billion Australian dollars ($1.26 billion), Prime Minister Anthony Albanese said Wednesday, doubling its funding as the country looks to reduce reliance on China.
Canberra created the AU$2 billion Critical Minerals Facility in 2021 to finance mining and processing projects by businesses. The government will double the money for this facility, which helps Australia provide materials tied to clean energy technologies but which are vulnerable to supply chain risks.
