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2026-07-15 14:30:11
[Australia's Export Finance Agency Adds 21% in Staff to Push for Critical Mineral Reserves] (1) Australia's Export Finance Agency (EFA) added 40 full-time staff in the financial year ending June, bringing its total to 228, an increase of 21%. The agency is accelerating its development of expertise in critical minerals to support its upcoming A$1.2 billion (US$840 million) strategic reserve program. (2) This reserve program is the Labor government's flagship strategy aimed at consolidating Australia's position as a major supplier of critical minerals to its allies. The program was created as the G7 and Australia are strengthening coordination to reduce reliance on China for critical minerals (China's export restrictions on permanent magnets last year caused market turmoil). (3) The EFA CEO stated that in addition to its own recruitment efforts, the agency is also collaborating with market experts to obtain professional support. The agency also manages a A$5 billion critical minerals fund and provides key support for Alcoa's gallium plant project in Western Australia, which is expected to meet approximately 10% of global gallium demand once operational.
