Critical Minerals

Critical Minerals

Critical minerals play a vital role in fostering low-carbon economies and achieving net zero objectives. These minerals are crucial components for lithium-ion batteries, sintered magnets, high-performance alloys, and semiconductors. They are essential for electric vehicles, hydrogen electrolysers, smartphones, computers, solar panels, as well as defense and medical equipment.

According to the International Energy Agency's (IEA) World Energy Outlook 2022, the demand for critical minerals is projected to increase significantly by two to four times by 2030. To prevent vulnerabilities stemming from fluctuating prices or concentrated supply chains, it is crucial to address these issues promptly. Failure to do so could impede energy transitions or escalate transition costs.

Businesses are becoming increasingly conscious of the necessity to secure stable supplies of critical minerals. To mitigate risks and explore new prospects, it is urgent to establish new sources of supply through upfront investments. The Australian Critical Minerals Prospectus features 55 investment-ready projects in Australia that have the potential to bridge production gaps, enhance supply chain security, and contribute to achieving a net-zero future.

Since the initial release of the Australian Critical Minerals List and the National Strategy in 2019, the Australian Government has been actively supporting critical minerals projects. The 2022 edition of the Critical Minerals Prospectus offers updated information on potential investment opportunities in critical minerals projects based in Australia. Noteworthy enhancements in this edition include an increase in project profiles from 44 to 55, coverage of high-purity alumina and silicon projects listed in the Australian Critical Minerals List, and an expanded section on 'Unlocking the Midstream' to reflect recent advancements.

Promoting high-value critical minerals exports can stimulate economic growth in Australia and drive the establishment of new local processing capabilities. Australia has a rich history of leading global resource development projects. With a skilled workforce, top-notch environmental, social, and governance practices, and a transparent regulatory framework, Australia is well-positioned to excel in the exploration, extraction, production, and processing of critical minerals.