A new report launched by Minister for Resources, Water and Northern Australia Keith Pitt has confirmed Australia position as one of the world’s top producers of key critical minerals.
The 2020 edition of Australia’s Identified Mineral Resources (AIMR) report found that mineral export earnings grew to $234 billion in the year to December 2019 – accounting for 47% of all exported goods and services.
It also found that mining contributed 12% to Australia’s gross domestic product in 2019, compared to 8.4% of GDP in 2018.
Minister Pitt said Geoscience Australia’s annual stocktake confirmed the country entered the COVID-19 economic crisis in a strong position thanks to its mineral resources.
“At the end of 2019, Australia remained a global leader in mineral exploration and production, and one of the world’s most desirable locations for investing in the mineral sector,” Minister Pitt said.
“Investment in mineral exploration increased by 21%, compared to the previous year, reaching $2.6 billion.
“Gold accounted for 40% of exploration expenditure, with a strong gold price creating a modern gold rush.”
Member for Dawson, George Christensen, said the report confirms what most regional Queenslanders know, namely, that the state’s resources sector is the backbone of Australia’s national economy.
“It’s why we’re so committed to supporting the minerals sector, and in this part of Australia that means coal mining, which will remain a major industry for decades to come,” Mr Christensen added.
Minister Pitt noted that Australia remained the world’s top producer of iron ore with 36% of global production, adding that the country has also produced 56% of the world’s lithium, which is becoming increasingly important for battery storage technologies.
“Advancements in technology are driving the world’s appetite for critical minerals. Because of their use in cutting-edge low-carbon, defence, medical and other applications, demand for commodities like lithium, cobalt and graphite is projected to rise significantly over coming decades,” Minister Pitt said.
“With more than 300 operating mines producing 26 major and minor mineral commodities, our strength in this sector has enabled our economy to remain resilient throughout the global pandemic and recession.
“The Government’s $225 million Exploring for the Future program, led by Geoscience Australia, is opening up new exploration opportunities across the nation, supporting new mineral discovery that is essential for Australia’s future economic prosperity.
“Already we’ve seen significant new investment in resource exploration across Northern Australia because of this program, with over 120,000 square kilometres of greenfield exploration tenements in the region between Mount Isa in Queensland and Tennant Creek in the Northern Territory under application.”
The latest edition of AIMR is available at www.ga.gov.au/scientific-topics/minerals/mineral-resources-and-advice/aimr.
