Australia announces AUD 2 bn expansion in mining: Australia’s Prime Minister Anthony Albanese said his country will channel an additional AUD 2 bn (USD 1.3 bn) toward investments for its mining sector in a bid to secure rare earths needed for its transition to green energy and sustainable mobility, according to a statement. The new financing program — disbursed in the form of low-interest loans for miners and processors of critical minerals — is aimed at attracting US-based mining firms to tap into the country’s “vast” mineral deposits, and would help minimize dependency on China in the green energy transition, ABC notes.

Taking on China: China now processes more than 70% of the world’s graphite, and refines more than 90% of the mineral into the material used in EV battery anodes. Along with graphite, China processes more than half the world’s lithium, about two-thirds of its cobalt, and about one-third of the global supply of nickel, and has begun enforcing export restrictions on rare earths including graphite. The US began talks with the EU on a transatlantic bargain on minerals back in March in a bid to counter Chinese dominance in the mining and EV sectors.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• New York is getting some offshore wind action: New York awarded contracts for three offshore wind farms as it shoots for its target of generating 9 GW of wind power by 2035. (Bloomberg)
• Ireland can start SAF production by the end of the decade: Ireland will be able to produce sustainable aviation fuel (SAF) using offshore wind power from 2030 and has the most likely chance to produce synthetic e-fuels or eSAFs, made with captured carbon and green hydrogen. (Reuters)
• Brazil’s food sector contributes three-quarters of its emissions: 74% of the total greenhouse gas output of Brazil in 2021 was attributable to its food production sector. Of the 1.8 bn tons of CO2 emitted that year, 78% were attributable to the beef production industry. Brazil is the world’s top exporter of beef and the fourth largest grain supplier. (Reuters)