Critical minerals and metals producer Nyrstar has welcomed the release of the updated Critical Minerals List and the introduction of the Strategic Minerals List which includes zinc, the fourth most-used metal on Earth.
Nyrstar acknowledged the thorough consultation process conducted by the Australian Government in revising the Critical Minerals List and advancing critical minerals policy.
Nyrstar emphasised the need for further Australian government-industry engagement to clarify how the new lists will inform policy and investment to secure the minerals and metals Australia needs for its economic future, ensuring the needs of its international partners.
“We are pleased Australia has today recognised the strategic role zinc plays in key technologies and its importance in unlocking other critical minerals including germanium, gallium, and indium. This recognition is an important first step that needs to be similarly supported by increased awareness of the real and growing risk to supply disruption for zinc and urgent action to address it,” Nyrstar Global Co-CEO Dale Webb said.
According to industry estimates published in a recent Nyrstar white paper, annual demand for zinc is expected to grow by 2.5 million to 3 million tonnes between 2020 and 2030, equivalent to around 20% of current global supply, creating a supply gap equivalent to 150% of Australia’s current total zinc mining output.
“By recognising zinc’s strategic importance and risks to its supply chain, Australia will also be better positioned to improve bilateral cooperation with its international partners on projects that address the challenges facing the looming supply gap and increasing supply chain concentration facing both zinc and the critical minerals it unlocks,” Webb said.
“The energy transition is causing a rapid disruption in traditional markets for many commodities that Australia is well positioned to benefit from. We will continue to address this challenge by utilising our deep expertise in metals processing to work with the Australian Government on identifying unique opportunities that enable Australia to play a greater role in overcoming the looming market failures facing our nation and our trading partners in critical minerals,” Webb stated.
