Stockpiling Critical Minerals in Australia
In a recent campaign announcement, the Australian Prime Minister stated that - if re-elected - his government would invest $1.2 billion to create strategic reserves of critical minerals.
Professor Mohan Yellishetty - a leading authority in sustainable mineral resources at Monash Department of Civil and Environmental Engineering - explains the complex landscape we find ourselves in, and how the challenges ahead can be met.
He notes “Mining has long been a major Australian industry, particularly iron ore and coal. But Australia has huge reserves of many critical minerals, producing the largest volume of lithium ore in the world as well as stocks of cobalt, manganese, rutile and others. Australian miners Lynas and Australian Strategic Materials are two of the few rare-earth mining companies not owned by China.”
Further, Professor Yellishetty says “The reserve would give Canberra more leverage in negotiating with trading partners and enable a rapid response to supply disruptions. Government backing for the industry would boost onshore processing, scale up domestic production and encourage more high-wage, high-skill jobs in regional areas.”
