The Australian government will double funding to support key mineral projects, aiming to attract US mining companies and processing companies to set up operations in Australia.
The A $2bn (US $1.3bn) capital increase will boost capacity at Australia's key mineral facilities to fund mining and materials processing projects.
For Australia, part of the appeal of expanding its key mineral footprint is the prospect of a fiscal shortfall amid declining demand for fossil fuel exports amid global decarbonisation. Lithium shipments in Australia were worth A $20 billion ($12 billion) in the 12 months to June, and government forecasts suggest the industry's earnings could rival thermal coal exports by 2028.
"As the world's largest supplier of lithium, we are in a strong position, for example, we are a significant supplier of cobalt, vanadium, copper, nickel. Australia has vast mineral resources that will power the world in the 21st century." The prime minister told reporters in Washington on Monday.
A key minerals task force aimed at increasing private investment in Australia's rare earth industry and reducing global reliance on China has also held discussions with US authorities.
Albanese will visit China on November 4. China is Australia's largest trading partner and the biggest buyer of Australian iron ore.
