A new report from the Department of Industry, Science, Energy and Resources has indicated an opportunity for Australia to help meet a growing global demand for critical minerals and crucial rare earths elements, used in modern technologies.
The Outlook for Selected Critical Minerals Australia 2021 report anticipated growing demand for these minerals up to 2030, with opportunities for Australian production and investment in downstream value-adding processes.
This report, from the office of the chief economist in the Department of Industry, Science, Energy and Resources, outlines the potential for further growth in Australia’s critical minerals sector.
“Australia is blessed with abundant resources and a highly-skilled workforce which is ready to transform these minerals and elements into the kinds of products the world needs,” minister for Resources, Water and Northern Australia Keith Pitt said.
The report examines the outlook for rare earth elements and minerals such as cobalt, graphite and vanadium, which have conventional applications in steel making. They are also essential for battery and electric vehicle production.
The market for these minerals is promising, with consumption growth for electric vehicles and the battery storage sector expected to outpace production growth. Earth elements including neodymium, praseodymium and dysprosium are also forecast to see consumption growth.
“Australia has long-established supply chains and is well placed to provide raw materials and potentially refined products to the world,” Pitt said.
“Australia is already the world’s top producer of lithium and the government’s Critical Minerals Facilitation Office is supporting the development of other resources, downstream processing and helping to diversify global supply chains.
“Australia also has a stable investment environment and stable governance arrangements that make Australia an attractive location for critical minerals investment and development,” he said.
The Outlook for Selected Critical Minerals Australia 2021 report from the Department of Industry, Science, Energy and Resources is available here: https://www.industry.gov.au/data-and-publications/outlook-for-selected-critical-minerals-in-australia-2021-report