Australia’s Identified Mineral Resources (AIMR) report has shown that Australian minerals are driving the global energy shift, with lithium production at a record level.
Minister for Resources and Northern Australia Madeleine King stated that Geoscience Australia‘s national stocktake of known mineral resources identifies critical trends in reserves, resources, mining production, prospective resource life and future supply capability.
“As the world’s largest producer of lithium, a key component in batteries for electric vehicles, our minerals sector has an enormous role to play in the success of the energy transition over the coming decades,” Minister King said.
According to Minister King, with the rise of electric vehicles, demand for battery minerals is growing, and Australia’s lithium industry is thriving.
“As Prime Minister Anthony Albanese said at his National Press Club Address in February, Australia must not only extract more critical minerals like lithium but also look to process those materials here to protect our national sovereignty,” Minister King added.
The Australian Government said the report confirms the country’s position as the world leader in five key commodities: bauxite, iron ore, lithium, rutile, and zircon.
With record production in 2021, Australia generated over half of the world’s lithium, producing 55 kilotonnes compared to 40 kilotonnes the previous year.
Antimony, black coal, cobalt, gold, lead, magnesite, manganese ore, nickel, rare earths, silver, tantalum, uranium, and zinc are among the top thirteen commodities produced in Australia.
In 2022, according to the Federal Government, production was anticipated to rise as Western Australian mines ramp up to meet demand, and the Northern Territory’s Finniss Lithium Project begins operations.
Over a third of the world’s iron ore, more than a quarter of the world’s rutile, and just under a third of the world’s zircon are produced in Australia.
The AIMR 2022 edition also shows that the output of Australian vanadium, lithium, and cobalt – all critical battery minerals – climbed by 10%, 9%, and 6%, respectively.
The publication of Chalice Mining’s maiden resource for the Julimar project in Western Australia, the most significant palladium-platinum discovery of the last 20 years anywhere in the world, raised platinum group element resources (used in hybrid cars) by 131%. Geoscience Australia’s Mineral Potential Mapper supported the Julimar discovery.
Additionally, the AIMR report showed Australia produced no diamonds for the year.
Gold led in exploration spending, followed by iron ore and copper, with copper spending growing by 60% compared to the previous year.
According to the report, overall exploration expenditure climbed by 28% over the previous year, reaching $3.6 billion. This was the largest recorded exploration expenditure in almost a decade.
Minister King stated that the report maintained Australia’s status as one of the most desired investment destinations in the world.
“The Australian Government will continue to support the resources industry as part of our commitment to net zero, through initiatives like Geoscience Australia’s $225 million Exploring for the Future program,” Minister King said.
Since the program’s inception in 2016, according to Minister King, Australia’s portion of global exploration expenditure has more than doubled.
“The data, information, tools and new thinking gained by our investment in geoscience will help Australia and its partners diversify mineral supply chains and achieve net zero carbon emissions by 2050,” the Minister added.
