The global race is on to secure critical minerals
Amir Razmiou, Associate Professor, Edith Cowan University It’s clear there’s an era of global competition underway. Critical minerals are essential for manufacturing advanced technologies, such as artificial intelligence (AI), electric vehicles and renewables. And governments everywhere are racing to secure a future supply. Australia holds vast reserves of lithium, rare earths, cobalt and tungsten. This presents both a golden opportunity and a looming challenge. What, exactly, are critical minerals? And what advantages might they offer to Australia? What are they? Critical minerals are the raw materials used to manufacture objects like mobile phones, wind turbines and weapons. They underpin the technologies of the next industrial age, from lithium-ion batteries to F-35 fighter jets. There’s no single list of critical minerals, as countries have their own definitions of what is essential. The Australian government describes them as elements essential for modern technologies, the economy and national security with supply chains vulnerable to geopolitical risk. In Australia, the 31 minerals and rare earths defined as ‘critical’ include lithium, magnesium and zirconium. Rare earths are heavy metals used in electrical and magnetic components. These elements aren’t truly rare in the Earth’s crust but occur in low concentrations, making them difficult and expensive to extract. Geoscience Australia has mapped extensive deposits of critical minerals across the continent. Accessing them could position Australia as a key supplier to global clean-energy industries. The critical mineral lithium is essential to building large rechargable batteries used in renewables projects. Ted Shaffrey/AAP A booming industry Australia’s current Critical Minerals Strategy sets out a plan to move from simply mining and extracting these minerals to going further to refine, process and manufacture them. This is backed by initiatives such as the $4 billion Critical Minerals Facility to support projects aligned with the strategy. This also includes a new 10% production tax credit for onshore refining. Together, these policies form a strong foundation […]
