PERTH (miningweekly.com) – A new report by the Office of the Chief Economist has highlighted the potential for additional production and investment into six critical minerals, including niobium, rare earth elements, cobalt, antimony, magnesium and tungsten.

The report noted that while Australia’s potential as a supplier of critical minerals was not limited to these minerals, it was likely that early success would depend to a significant degree on these prospects, and on Australia’s ability to cooperatively harness the opportunities they represent.

Minister for Resources and Northern Australia Matt Canavan said the report came at a time when critical minerals were of great interest because of their pivotal role in many technologies, growing consumer markets and limited diversity in production and processing.

Canavan said the report detailed the market dynamics and consumption outlook for the six critical minerals it focused on. 

“The boom in electric vehicle, battery and magnet manufacturing is expected to add even further strength to the growing demand for Australia’s critical minerals,” Canavan said.

“This report complements the Critical Minerals Strategy released earlier this year, and helps highlight current critical mineral projects in the development pipeline, including cobalt, tungsten and rare earths projects.

“We are among the top six resource holders in the world for the focus commodities, meaning there is potential for additional production and investment.”

The Minister pointed out that at a global level, Australia was the largest rare earths producer outside China and the country’s resource endowment, mining capability and existing processing infrastructure meant it was well placed to help meet global demand.

“As the third-largest producer of cobalt, with more capacity in the pipeline, we have an incredibly important role to play in providing a secure and ethical cobalt supply to the world.

“Australia’s world-class niobium deposits, which aren’t currently being exploited, will show the potential of Australia’s resources and development projects to bring new production to world markets.

“There is also enormous potential for Australia to tap into currently undiscovered resources. Our established mining areas only cover 20% of our landmass, which means the 80% of our continent which is unexplored holds enormous potential for future finds.

“As a government, we are already targeting the three 'i's to help foster our critical minerals sector – investment, innovation and infrastructure – to the clear the way for more development."