Australia must take lead on critical minerals, McDonald

The world could not afford for Australia to not be a developed critical minerals supplier, Opposition spokeswoman for Resources Susan McDonald has told the World Mining Congress in Brisbane. The nation tops the global ranking of identified resources of gold, nickel, uranium and zinc, as well as ranking second globally for identified reserves of cobalt, copper, lithium, tungsten and vanadium. "What an amazing opportunity Australia has to present itself as a minerals supplier for the world. However, we have not yet grasped this opportunity," Senator McDonald said. She pointed to the lack of established vanadium mines in Australia in the face of the pit-to-grid opportunities presented by vanadium redox flow batteries as an example. Opposition spokeswoman for Resources Susan McDonald. Australia could provide an alternative to critical minerals supply chains currently dominated by one or two countries, providing choice and more supply stability, Senator McDonald said. "We are poised to take this opportunity with both hands, however there are a number of issues that must be addressed to achieve this. First, duplication of regulatory barriers need to be lessened," she said. "This does not mean environmental protections are reduced, but we must develop a plan to aid in streamlining approvals and reducing red and green tape to ensure that projects – particularly ones of national significance – are able to progress in a timely and cost-minimal manner. "With project timeframes for nickel or copper mines taking up to 20 years from initiation to first production, much of the demand forecasts for 2030 and beyond will never be filled – remember, 2030 is only seven years away. "That means that in the current environment, to support forecasted demand many of these minerals projects would have needed to commence a decade ago." To strike a balance between upholding environmental protections and delivering manageable project timeframes, Australia must address overburdening regulation, she said. The second factor Senator McDonald pointed a finger at was the negative rhetoric surrounding the mining sector. "Despite the increase in anti-mining sentiment that has developed over the last few decades, it remains simply a very loud minority actively working against the sector," she said. "However, there remains a risk that if this rhetoric is allowed to flourish unchecked, that it will spread misinformation about the sector that builds pressure on government and industry, putting the future of mining at risk." Misinformation was at the heart of this campaign, she said. "The public do not fully understand how embedded mining is in their lives. From the phones they use everyday, to their computers, to ‘reusable’ glass coffee cups, or the bricks in their house. The fertilisers that help grow vegetables that they eat; or radioactive materials so critical to medical research. "It cannot be left to policymakers to be the ones leading the campaign in support of mining. "All of you here today – the sector, the companies, the industry groups – you are the ones who need to stand up and tell the world what vital work you do. "Because if you stay silent, the vacuum will be filled by these anti-mining voices, and it won’t just be coal or gas or oil that will be targeted, it will be the whole resources sector. And we will all be worse off." Given the urgency of bringing these projects online, Senator McDonald said there was no time to delay. "If we do, then Australia, and the world, will lose out on this investment and the benefits of this industry. The world cannot afford for Australia to not be a developed critical minerals supplier. "Without Australian resources, it will be harder for the world to meet the skyrocketing demand for critical minerals, which will impact our global partners immensely."

Australia must take lead on critical minerals, McDonald

Industry Queensland

Related News

Quick fire – industry news briefs

Fraser Institute rankings highlight global competition

Pybar tapped for new mine job as AIC gets ducks in a row

Get access to breaking mining news, now.