The Association of Mining and Exploration Companies (AMEC) welcomes the announcement from the federal Opposition to expand the critical minerals list and slash project approval times in half.
In Perth for a Leadership Breakfast last Friday, Peter Dutton says alumina, bauxite, phosphate, potash, phosphate, tin, uranium, and zinc would be added to the critical minerals list if he wins the upcoming federal election.
AMEC supports the addition of various minerals to the national critical minerals list. Representing many of these explorers and emerging producers, AMEC Chief Executive Officer Warren Pearce says it understands the significance that additional funding opportunities can provide these companies.
Australia’s alumina production in 2023 was just over 19 million tonnes. With estimated reserves of 6 billion tonnes of alumina. Some 1.24 million tonnes of zinc was produced in 2023-24, with 46.27Mt of inferred resources of zinc in Australia.
There were 4,820 tonnes of uranium produced in 2022, making Australia the world’s fourth-ranking producer, with 8% of global uranium production. As of December 2021, Australia’s Economic Demonstrated Resource for uranium was 1,227 ktU.
While potash is yet to be produced in Australia, there are several projects underway, with the Northern Territory and Western Australia home to significant resources.
During 2023-24, Australia also produced 102.3Mt of bauxite, with an inferred resource of 2.94 billion tonnes and 9 kt of tin, with an inferred resource of 353 kt. Notably, a number of these minerals are not on the US list of critical minerals.
In Perth last week, the Coalition also announced its support for the $3.4 billion ‘Resourcing Australia’s Prosperity’ program, committed to by the federal Labor Government in last year’s Federal Budget.
This provides bipartisan support for this critically important program and ensures it will continue no matter who is elected to govern.
Dutton also reaffirmed his parties desire to cut project approval timeframes in half and provide junior explorers access to the Junior Minerals Exploration Incentive (JMEI), via a $100 million four-year plan.
Established in 2017, the JMEI has driven more than $400 million in greenfield mineral exploration activity and has cost taxpayers $182 million in credits. For the program to continue, a new funding commitment is needed during the election campaign, industry advocates say. For every dollar allocated to the JMEI, more than $2 was spent on exploration, and more than $6 was raised in capital markets, as reported by Mining.com.au.
AMEC’s Pearce says it’s abundantly clear that Dutton understands the importance of the resource industry to Australia.
“Not only does this industry provide the royalties and tax to pay for some of the high living standards Australians are accustomed to, but it is also one of the great job generating industries for the country,” Pearce says.
“Our members are regularly challenged by arduous, time consuming, costly, and at times duplicative approvals processes. If a Coalition government can halve project approval times, then that would be a massive improvement for the entire sector.
“Supporting and backing the mining and exploration sector to succeed is both logical and strategically smart.”
On top of the Opposition’s previous commitment to extend the JMEI, Pearce says last week’s announcement demonstrates Dutton’s priority to ensure the resource industry continues to thrive well into the future.
This was something AMEC has strongly advocated for from both major parties.
The Association of Mining and Exploration Companies is a national association representing more than 500 member companies from all around the country. Its members are explorers, emerging miners, producers and a wide range of businesses and service providers working for the industry.
Mining.com.au is an associate member of AMEC.
Write to Adam Orlando at Mining.com.au
Images: Stock
