Australian Prime Minister Anthony Albanese announced the details of a critical minerals stockpile during a speech, as the country prepares for a national election.
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00:00Now, we have a once-in-a-generation opportunity to stake Australia's claim, to secure our
00:10country's place in the international value chain, to leverage our natural resources in
00:17our national interest. The best way to deal with these new challenges is to build on our
00:23national strengths and leverage our national assets. This is why, in our response to the
00:29so-called reciprocal tariffs imposed by the United States at the beginning of this month,
00:36I announced that a re-elected Labor government would establish a critical mineral strategic
00:41reserve. It will mean we can deal with trade and market disruptions from a position of strength,
00:48because Australia will be able to call on an internationally significant quantity of resources
00:54in global demand. The strategic reserve will draw on our critical minerals facility,
01:00which we will expand by a further $1 billion, bringing the total investment to $5 billion.
01:07Our strategic reserve will be a national asset, and our government will use it to advance Australia's
01:15national interest. This includes the option of trusted international partners, co-financing
01:22off-take agreements in order to secure volumes for export. There's an opportunity here to strengthen
01:29our economic sovereignty at the same time as we broaden our trade relationships, including
01:35with long-standing energy export partners such as Japan and the Republic of Korea.
01:41as a federal government L.