Prime Minister Anthony Albanese has announced a boost in government credit for projects to mine and process critical minerals – including key components used in electric car batteries – while on a visit to the United States.

“My government is committed to transforming Australia into a renewable energy superpower and harnessing the critical minerals we have at home is crucial to achieving this,” Albanese said after the inaugural meeting of the Australia-United States Taskforce on Critical Minerals.

Albanese said an extra $2 billion in financing will double the capacity of the Critical Minerals Facility – managed by the government’s Export Finance Australia (EFA) agency – to back Australian critical minerals projects.

Australian businesses that invest in critical minerals projects may be eligible to receive financing or loans from the EFA.

“The expansion of the Critical Minerals Facility will help to build supply chains with the United States and support our shared clean energy, manufacturing and defence ambitions,” Albanese said.

“Australia is committed to building sustainable and secure critical minerals supply chains with the United States – this is central to building a clean energy future and delivering economic growth.”

Critical minerals include so-called “rare-earth elements” – used in products like wind turbines and satellites – as well as cobalt and lithium common in batteries that are in electric vehicles and gallium, used in the production of smart phones.

According to US statistics, about 63 per cent of the world’s rare earth production occurs in China while Australia is the leading global producer and exporter of lithium.

Resources Minister Madeleine King, also on the trip, said co-operation with US industry and scientific agencies was important.

“The road to net zero runs through Australia’s resources sector,” she said.

“The Australian government is providing significant support to de-risk investment in Australia’s critical minerals sector… the Critical Minerals Facility is a cornerstone of that support.

“Coupled with our support for processing, we are well positioned to be a world leading provider of critical minerals, including rare earths elements, and to support global efforts on clean energy transformation.”

The prime minister said investment in critical minerals would benefit Australians “through technology, skills, jobs and economic gains”.

– AAP