What are Critical Minerals?
Critical minerals are metals and non-metals considered vital for the economic well-being of the world's major and emerging economies, yet whose supply may be at risk due to geological scarcity, geopolitical issues, trade policy or other factors. Examples of some critical minerals needed for renewable energy include Vanadium and Copper.
These sustainable minerals have a range of high-tech applications across a variety of sectors of growing economic and strategic significance, including:
• Battery Storage
• Electric Vehicles (EV’s)
• Renewable energy
• Aerospace
• Defence technologies
• Telecommunications
• Agri-tech.
Australia’s Stance towards Critical Minerals
Australia is among the most technically advanced, innovative and efficient global mining jurisdictions, with a long history of successful project development. Australia’s world-class resource base is supported by its leadership in mining equipment and technology services, skilled labour, infrastructure, legal and regulatory frameworks, and attractive investment settings.
With a large mining industry and robust regulation, Australia has developed world-leading environmental management practices that underpin sustainability and corporate responsibility. This depth of experience and expertise has shaped Australia’s competitive advantages as a global supplier of choice for key, ethically sourced green critical minerals.
Australia’s critical minerals capability is complemented by the Australian Government’s focus on building a supportive policy environment for critical mineral companies Australia wide. Recognising the minerals needed for renewable energy, Australia’s federal, state and territory governments have developed policies, incentives, programs, and strategies to support the mining industry.
Key Agencies that support the critical minerals sector include:
- Austrade
- Critical Minerals Facilitation Office
- Export Finance Australia
- Geoscience Australia
Source: Australian Critical Minerals Prospectus, 2020
Strong Future Demand Growth
Forecast demand growth for green critical minerals presents a vital economic opportunity. Australia is an important global supplier of many critical and sustainable minerals and has the resource potential to scale up to meet rising global demand and drive the upstream diversification of global supply chains. Consequently, this has increased the trading prices for these minerals and created a ‘new economy’ for this market. As one of the upcoming critical mineral companies Australia wide, Critical Minerals Group is favourably positioned to meet this new economy mineral demand as the world turns towards a more renewable future.
Source: Australian Critical Minerals Prospectus, 2020
