Officials will finalize the critical minerals stockpile list after broad industry and international consultations.

Australia’s mining sector is seeing a government-commissioned blueprint from AMEC to underwrite rare earths projects, aiming to bolster critical minerals for national security and clean-energy goals.

Industry officials say the scheme would manage taxpayer risk while expanding the program and elevating Australia’s role as a dependable critical minerals supplier to allies like the U.S., EU, Canada, Japan, and Korea.

Within weeks, the government will publish the next steps of its critical minerals strategy, detailing a strategic reserve with offtake agreements and selective stockpiling of minerals crucial for national and partner security.

The plan envisions collaboration with about 10 rare earths producers, including Arafura, Wyloo, Hastings, and Northern Minerals, to strengthen Australia’s supply chain and reduce reliance on China.

Four rare earths—praseodymium, neodymium, dysprosium, and terbium—are identified as the most in-demand, given their importance in strong magnets for electric motors and other strategic uses.

The proposed mechanism would mirror the capacity investment scheme used for renewables, with government-set floor and ceiling prices and a payment structure to cover price drops or share revenue when prices rise.