A review of critical mineral resources in Australia

• Published in: Australian journal of earth sciences 2024-11, Vol.71 (8), p.1016-1049
• Main Authors: Britt, A. F., Czarnota, K.
• Format: Article
• Language: English
• Subjects: Australia; Byproducts; Circular economy; Clean technology; Critical minerals; Energy transition; exploration; Geopolitics; government geoscience; International relations; Manufacturing industry; Military applications; Mine wastes; Mineral resources; Minerals; Mining; Net zero; Plant layout; precompetative; Reprocessing; resources; Strategic materials; Supply chains
• ISSN: 0812-0099; 1440-0952
• DOI: 10.1080/08120099.2024.2430279

Over the last half a decade, securing supply of critical minerals has rapidly risen in importance globally as countries seek to resource modern technologies essential for the energy transition to net zero and defence applications. Sixty-five elements are considered critical and/or strategic by Australia, Canada, India, Japan, Korea, the European Union, the UK and the USA, owing to concerns about supply-chain vulnerability. Critical minerals are not a new concept, nor is the current background of geopolitical tension and rivalry. What is different is the enormous, forecasted demand for critical minerals needed for low-carbon technologies, and the urgency of bringing new production online to meet net zero objectives by 2050 through the development of new supply and the diversification of critical mineral supply chains. Here, we review Australia's unique endowment of critical minerals and strategic materials, opportunities for development and their global significance. Australia has an enormous critical minerals endowment with documented resources of 26 of the 31 commodities on Australia's Critical Minerals List in 477 deposits, of which 75% remain undeveloped. In addition, there is potential for new discoveries and realisation of by-product opportunities in all Australian states and the Northern Territory. Government geoscience coupled with an entrepreneurial minerals sector has played, and will continue to play, an indispensable role in growing Australia's resources base and growing downstream value through processing innovation. To maximise equitable benefits and sustainable growth from critical mineral opportunities in Australia, continued improvement in environmental, social and governance performance is required, including partnerships with First Nations people, development of critical minerals standards, improved mineral traceability and growth of the circular economy. Mine waste reprocessing and by-product potential at existing mining operations provide tractable short- to medium-term opportunities to expand Australia's critical minerals mining, processing and manufacturing sectors, to counter some of the geopolitical leverage of dominant market players.