Australian Federal Resources Minister Madeleine King and Canadian Minister for Resources and Energy Tim Hodgson have signed a declaration of intent on critical minerals collaboration.
The agreement aims to create a reliable, high-quality alternative supply chain for G7 and other allied countries and is a direct response to China's market dominance.
According to King, the pact brings together two of the world's largest producing countries. "As producing nations, it is important we collaborate to ensure both our communities and industry can benefit from growing demand for critical minerals," she said. " By working together, we can build secure, diversified and sustainable critical minerals supply chains."
The agreement aims to accelerate the implementation of projects of "mutual interest" in the mining sector, as well as stimulate new commercial partnerships and research collaboration. A key goal is to ensure that emerging standards-based markets, such as clean steel or batteries, are aligned with the high environmental, social, and governance standards of Australian and Canadian producers.
King noted that these minerals "at the heart of the economic and national security of both countries."
This deal marks the second major milestone in Australia's updated Critical Minerals Strategy, following the signing of the Critical Minerals Agreement with the United States last month.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
