Australia is betting on a new ‘strategic reserve’ to loosen China’s grip on critical minerals

The federal government has unveiled new details of its plan to create a A$1.2 billion critical mineral reserve.

Three minerals will initially be the focus: antimony, gallium and rare earths (a group of 17 different elements).

The details came as Treasurer Jim Chalmers travelled to Washington this week to promote the new reserve to key allies. At a meeting with finance ministers from the “G7 plus” group of countries, hosted by US Treasury Secretary Scott Bessent, Chalmers said the move was:

all about helping us and our partners shore up access to critical minerals during periods of market disruption.

The announcement puts meat on the bones of an idea first outlined by Labor in the lead-up to the last federal election.

Australia has untapped reserves of all three minerals in question. However, China currently dominates their processing. It accounts for 48% of global antimony production, 98% of gallium and 69% of rare earths.

So, why have these particular minerals been deemed so internationally important? And can Australia, as the government

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