Resources, Government - Australia Could See Mineral Windfall
A new report from Geoscience Australia claims can add around $9.4 Billion of value to the nation's mineral and metal production by boosting output of certain critical metals.
These are defined as metals, non-metals, and mineral compounds that are both economically important and vulnerable to supply disruption. A report from Geoscience Australia identifies them as hafnium, niobium, rare earth elements, and scandium, which could come from existing mines and favourable deposits. This could account for an increase of about eight percent to Australia's current value of $112.2 Billion in mineral and metal production.
"Australia is already demonstrating it can meet the needs of key trading partners in a range of critical minerals," said Minister for Resources and Northern Australia Matt Canavan. "We are one of the world's top five producers of antimony, cobalt, lithium and rare earths, minerals rated as 'critical' by the United States, United Kingdom or European Union. By investing in critical minerals, we're helping to grow our resources sector, driving the nation's economy and creating more jobs."
The Geoscience Australia report says Australia's extensive mineral resources plus its expertise in mining and metallurgical processing could help the country develop into a "major, transparent and reliable supplier of critical minerals for the global economy".