According to MiningWeekly, Madeleine King, Australia's federal resources minister, said this week that government and industry need to work together to promote further investment to accelerate the development of key mineral industries.
Speaking in Perth, Madeleine said the number of major projects in Australia's key minerals had increased from 71 in 2021 to 81, with total investment rising from A $30 billion to A $42 billion.
More than half of these projects are located in Western Australia and include 11 lithium mines, three high-purity alumina and nine nickel/cobalt projects. There are also 33 other mineral projects, including graphite, rare earth and vanadium.
The projects are worth more than A $22bn.
"Australia's key minerals will play an important role in sharing a clean future with our international partners. To do so, new sources of supply need to be created to break market concentration and diversify supply."
"We must work with like-minded economies to invest in critical mineral development and address supply chain challenges," Ms Madeleine said this week.
The government also wants to help miners develop downstream industries, Ms Madeline said.
"This is in line with our plans to develop manufacturing capabilities in the industry. We want countries to increase the value added of their products."
The market will seize these opportunities as well.
"This is particularly evident in the lithium industry, where there are already three lithium hydroxide processing projects under production, construction or planning in WA."
In the rare earth industry, we are also seizing more value-added opportunities.
"In the whole long and complex rare earth supply chain, Australia is currently involved in only two stages, mining and beneficiation. However, Lynas' Kalgoori project and Hastings' Yangibana project are already in the downstream separation and leaching phase."
Rayners Rare Earths 'new Kalgoorlie plant will process concentrate from Mt Weld, further cementing its position as one of the world's largest integrated rare earth facilities.
"This is an important alternative to the Malaysian rare earth plant that may cease separation and leaching."
Asx-listed Iluka Resources' Eneabba rare earth smelter under construction. The plant, north of Perth, will also help Australia boost production of downstream rare earth oxides.
"The project has been supported by a A $1.25 billion loan from the Australian Government's Key Minerals Program. Once operational, it will be Australia's first all-rare earth oxide refinery integration project."
"The Australian government has invested heavily in key mineral industries and in increasing value added. In the October budget, we allocated A $100 million to support early - and medium-term projects on a competitive basis over the next three years through the key mineral Development Program."
"We will also invest $50.5 million over four years to build the Australian Key Minerals Research and Development Centre to help unlock our nation's key mineral potential. To ensure policy is correct, the Government is also working on a new key minerals strategy."
"The strategy will embody the national goal of accelerating industry development and positioning Australia as a clean energy superpower. The goals include creating economic opportunities for local and indigenous Australians, promoting sovereignty and industry, and building reliable, competitive and diversified supply chains."
"We are aware of the challenges involved in mining and smelting these high-value minerals. But we will work closely with the industry to ensure the success of this important national mission."
