Australia’s new Critical Minerals Strategy
AusIMM welcomes the release of Australia’s new Critical Minerals Strategy.
AusIMM CEO Stephen Durkin said the new strategy highlighted the need for concerted and coordinated Federal and State Government action to access new metal and mineral deposits and realise the significant opportunities to grow the nation’s mining and manufacturing industries.
Economic modelling for the government shows the sector could deliver up to 329,000 new jobs and $162.7 billion to Australia’s GDP by 2040 through accelerated project approvals and development.
“State governments also have a pivotal role to play and should consider significant financial support for the critical minerals. To have a truly national plan all tiers of government must be involved to ensure a coordinated approach to drive investment, address regulatory hurdles and track progress,” Mr Durkin said
In releasing the new strategy, The Federal Minister for Resources and Northern Australia, The Hon. Madeleine King MP said “The path to net zero runs through the resources sector.”
“While the potential is great, so too are the challenges. The strategy makes it clear our natural minerals endowment provides a foot in the door, but we must do more to create Australian jobs and capitalise on this unique opportunity,” she said.
AusIMM’s February 2023 submission (available here) to the Federal Government review focused on three areas:
- The need for State and Federal Government alignment and collaboration to deliver a truly national plan;
- Increased support for targeted skills and education programs and R&D initiatives; and,
- The important role of professional standards in strengthening Australia’s role as a sustainable and ethical producer of critical minerals and supporting ESG, Responsible Mining and Circular Economy initiatives.
In its submission AusIMM noted the Department of Industry, Science and Resources (DISR) had identified 81 critical minerals projects totalling almost $40 billion.