At this year’s International Mining and Resources Conference (IMARC), the mining sector is calling on governments to act decisively in reforming approval processes and provide clear pathways for investment in critical minerals.
So far, speakers at a keynote panel addressed numerous barriers that continue to make it difficult to get critical projects off the ground.
Yesterday, Australian Resources Minister Madeleine King said the net-zero transition is at risk without the nation’s full support of essential resources.
“The industry must continue to tell the story of its role in the energy transition, the economic benefits it provides, and the high standards of safety and environmental care it maintains,” she says.
All of the speakers at the panel agreed that Australia’s chance to lead in the competitive market depends on regulatory alignment, streamlined approvals, and strong community engagement.
New South Wales Minerals Council CEO Stephen Galilee said that regulatory delays and inconsistencies between federal and state processes create bottlenecks that could send investments elsewhere.
“My call to action would be for governments to walk the walk,” Galilee says.
“Don’t just do the easy things. Do some of the hard things. Please just do some hard things that you think are politically risky to make these projects happen, or they aren’t going to happen, and the future won’t be possible.”
Galilee adds that New South Wales has the potential to go from 12 or 15 critical minerals projects to double the amount, if approvals and investments are in place.
Australian Strategic Materials (ASX:ASM) CEO Rowena Smith says the pace and speed for approvals needs improvement, which is largely about administrative efficiencies and resourcing.
“Getting that certainty here around the approvals is critical,” Smith says.
Further, Newmont Australia (ASX:NEM) head of safety and sustainability Melissa Winks says there is a need to balance environmental and economic imperatives.
“We must find a balance between environmental protection and economic opportunities that will allow our communities to thrive; delays and duplications in approvals are real disincentives to investment,” Winks says.
Through collaborations between governments and businesses across the industry, mining and resources executives believe Australia can solidify its role as a global powerhouse in the sustainable energy future.
Over 9,000 delegates from over 120 countries are expected to attend this year’s event, held at the International Convention Centre in Sydney from 29-31 October 2024.
Mining.com.au will be in attendance at the event and will provide updates.
Write to Aaliyah Rogan at Mining.com.au
Images: IMARC
