Critical Minerals in Australia: A Review of Opportunities and Research Needs

Critical minerals are pivotal to human society in industrialised and developing economies. Many critical minerals are irreplaceable inputs for technological and industrial advancements, especially renewable energy systems, electric vehicles, rechargeable batteries, consumer electronics, telecommunications, specialty alloys, and defence technologies. Critical minerals are metals, non-metals and mineral compounds that are economically important and are also subject to high risks of supply. “Criticality” is a subjective concept; countries develop their own lists of critical minerals based on the relative importance of particular minerals to their industrial needs and strategic assessment of supply risks. Lists are reviewed and changed over time. Commonly appearing on lists of high criticality are: antimony, barite, beryllium, bismuth, cesium, chromium, cobalt, germanium, indium, lithium, manganese, niobium, platinum-group elements (PGE), potash, rare earth elements (REE), rhenium, rubidium, scandium, strontium, tantalum, tellurium, rhenium, tungsten, and vanadium. The supply of critical minerals is an area of great growth potential, based on increasing technological demands and uses at a global level. Australia is one of the world’s principal producers of several key major mineral commodities (e.g. bauxite, coal, copper, lead, gold, ilmenite, iron ore, nickel, rutile, zircon, and zinc). Although some critical minerals are mined as primary products (e.g. REE, lithium, potash), many critical minerals are extracted as companion products from base or precious metal production (e.g. PGE from nickel sulfide ores, or indium from zinc concentrate). Considering that Australia has leading expertise in mining and metallurgical processing as well as extensive mineral resources likely to contain critical minerals, there is a clear opportunity for Australia to develop into a major, transparent and reliable supplier of critical minerals for the global economy. Based on a conservative estimate, Australia could add approximately $9.4 billion of value to the nation's mineral and metal production (currently valued at $112.2 billion, or an increase of about 8%) through the production of four critical commodities (hafnium, niobium, rare earth elements and scandium) from existing mines and favourable deposits. Full realisation of this and potentially even greater production is significantly affected by other factors, including: insufficient knowledge of critical minerals in Australian deposits and their behaviour during metallurgical processing due to limited reporting by industry; few geological studies dedicated to assessing and facilitating the discovery of critical mineral resources in Australia; the need for new mining technology and services to economically extract critical minerals; gaps in capabilities of domestic smelters/refineries to process critical minerals. These issues require further research and investigation in order for Australia to maximise its position in global critical minerals markets. This study was commissioned by Geoscience Australia in collaboration with RMIT and Monash University to summarise key aspects of the current state of critical minerals in Australia. The report covers: global demand and supply; Australia’s resource potential; an overview of ‘criticality’ assessment methods; estimates of potential economic value; and future research needs for critical minerals in Australia.