Australia Passes Law to Trade, Stock Fuel Alongside Rare Earths

Australia’s parliament passed legislation empowering the country’s export credit agency to physically buy, stockpile and sell fuels alongside critical minerals including rare earths, as the country suffers energy shortages triggered by the Middle East conflict.

Prime Minister Anthony Albanese’s administration had announced its intention to establish the critical minerals reserve in January. However, as global energy markets were upended due the US-Israel war against Iran, the Labor government added into the draft legislation capabilities to acquire and store fuel. Parliament passed the law on Tuesday.