EU, Australia pact to diversify minerals

Australia and the European Union (EU) have signed an agreement to collaborate on critical minerals to reduce reliance on China, Bloomberg reported.

The deal includes joint efforts over six months to enhance mineral projects.

The EU sees Australia as a key ally in securing a sustainable mineral supply. Concerns over China’s dominance in the sector have prompted the US and its allies to seek alternative sources.

With vast mineral deposits, Australia focuses on domestic industry growth through incentives. Moreover, the agreement emphasises boosting investment in mineral projects and fostering research co-operation between Australia and the EU.