Rare earths boom to push critical minerals earnings past $26bn
Critical minerals exports are projected to rise from $16.7 billion to $26.166 billion in less than two years, driven by rare earths.
Australia's critical minerals export earnings are expected to jump dramatically in less than two years. The Department of Industry, Science and Resources projects exports will grow from $16.7 billion in 2025-26 to $26.166 billion by 2027-28.
Rare earths are the fastest-growing segment, with exports forecast to rise from $181 million to $916 million in 2026-27 and $1.74 billion in 2027-28. Lithium will add more than $6 billion to receipts.
Three major projects are driving the growth: Lynas' Mt Weld expansion, Iluka's Eneabba refinery, and Arafura's Nolans project backed by Gina Rinehart. The US and Australia have outlined more than A$5 billion in prospective support for critical minerals projects.
These minerals feed demand for electronics, batteries, renewable energy and defence applications.
- $26.2 billion
- 2027-28 target
- $16.7 billion
- 2025-26 baseline
- $181m to $1.74bn
- Rare earths growth
- More than $6 billion
- Lithium addition
Why it mattersCritical minerals are essential for electric vehicles, clean energy and defence technology, making their supply crucial as nations compete for these resources.
AustraliaAustralia stands to capture major export revenue and jobs from this boom, while establishing itself as a reliable alternative to Chinese-controlled supply chains.
✓ Claims checked against the source and corrected before publish. checked 5 h ago
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