Supporting the nation’s critical minerals capacity will further enhance Australian mining’s position at the forefront of driving technological advances and lowering global emissions.
Announcements today by the federal government providing funding for four critical mineral processing projects and additional initiatives to accelerate other projects on the way to market will support expansion of downstream industries that underpin global supply chains and expand Australia’s opportunities to meet future global demand for critical minerals.
Rapidly rising global demand for critical minerals, such as copper, lithium, nickel, cobalt, and rare earth elements is being driven by technological innovation and the transition to zero emissions energy systems.
Supply chains for these raw materials are continuing to increase in importance as the world seeks to ensure access to the processed and manufactured goods that these technologies depend on.
The $243 million Collaboration Stream, within the existing Modern Manufacturing Initiative, will provide funding for four critical minerals processing projects:
• an integrated nickel manganese cobalt battery material refinery hub
• the processing of high-grade vanadium and transporting it to a plant powered by clean hydrogen
• a rare earth separation plant, and
• the construction of a high-purity alumina production facility to help meet rising demand for lithium-ion batteries and LED lights.
The projects in WA, QLD and NT will create over 3,400 regional jobs.
The MCA also welcomes the ongoing development of national resources strategy with the release of the 2022 Critical Minerals Strategy and looks forward to working with government on how to drive the agenda forward.
Targeted support for emerging new technologies is a vital step in boosting Australia’s capabilities and the Critical Minerals Accelerator Initiative ($200 million) is an important contribution to helping early to mid-stage projects get to market.
The creation of a Virtual Centre for Critical Minerals Research and Development can further drive collaboration with industry, by leveraging the expertise of CSIRO, Australian Nuclear Science and Technology Organisation and GeoScience Australia.
The Australian mining industry is already a leader in environment, social and governance (ESG) responsible sourcing standards through the Towards Sustainable Mining initiative. The MCA notes the government’s consideration of specific standards around critical minerals and would urge government to work cooperatively with industry to build on the industry’s progress on ESG.
The strategic investments earmarked by the government will lift Australia’s sovereign capability in minerals processing, diversifying and strengthening the Australian economy.
Australia world-leading mining industry should have a world class minerals processing industry to match.
This strategy helps realise the vision and ambition.
The MCA looks forward to working with the government to secure more investment in minerals processing.
