The Prime Minister’s announcement of a new national critical minerals strategy being developed in consultation with industry and community stakeholders is vital for the future.
Aboriginal and Torres Strait Islander peoples are a core partner in mining and industry is a major stakeholder in transforming economic and health disparity of Traditional Custodians and their communities.
A comprehensive strategy and national approach is essential to ensuring the mining industry continues to drive Australia’s economic prosperity, as it has done for over a decade.
This strategy is vital for both Australia and our trading partners aiming to reduce the carbon emissions to net-zero by 2050.
Such goals will create a more resource-intensive global economy that requires substantial growth in the production of critical minerals including lithium, copper, rare earth elements and nickel.
A recent Bank of America report shows global investment in mining needs to double from US$80 billion per annum currently to US$160 billion per annum in order to satisfy the growing demand for applications that range from renewable energy generation and storage to electric vehicles.
The government’s new strategy must focus on the broad policy settings required for Australia to maximise its share of this investment opportunity.
Australia has some of the world’s largest reserves of critical minerals, but will face significant competition for the capital required to develop these assets.
Improving productivity lies at that heart of this challenge and urgent policy changes are needed.
The development of Australia’s critical minerals industry is reliant on ensuring Australia remains an attractive investment destination. Government policies must establish domestic regulatory environment which delivers investment certainty by not adding unnecessary time and cost to project approvals.
The MCA looks forward to working with the government on this strategy.
