EU and Australia Forge Strategic Alliance on Critical Minerals

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On Tuesday, the European Union and Australia signed a memorandum of understanding (MoU) to foster collaboration on critical and strategic minerals. This move comes as the EU endeavours to broaden its resource suppliers beyond China and Russia while transitioning its economy towards lower CO2 emissions.

The MoU encompasses various stages of the mineral supply chain, including exploration, extraction, processing, refining, recycling, and management of extractive waste.

EU Commission Vice President Valdis Dombrovskis lauded Australia as a global frontrunner in critical raw materials, emphasizing the significance of this partnership in securing a sustainable supply for the EU. He underscored the pivotal role this cooperation plays in advancing the EU's objectives of green and digital transformation.

This agreement follows similar partnerships inked by the EU with Canada and Ukraine in 2021, followed by Kazakhstan and Namibia in 2022, and subsequently with Argentina, Chile, Zambia, the Democratic Republic of Congo, and Greenland in 2023. Earlier this year, the EU expanded its collaborative efforts by forging agreements with Rwanda, Norway, and Uzbekistan.

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