Australia’s resources sector will be crucial to global decarbonisation, with transition to a green energy future a key focus on the first day of International Mining and Resources Conference (IMARC) in Sydney yesterday (2 November).
Two mining majors yesterday told IMARC that a key challenge facing the transition is the lack of available critical minerals to help build green technologies.
MMG (HKEx:1208) Executive General Manager Troy Hey says the Hong Kong-listed company, which has operations in Australia, sees the demand for critical minerals as ‘generational opportunity’ for the sector.
Hey commented: “This could be the greatest reputational repositioning for the industry in a life a time.”
“This could be the greatest reputational repositioning for the industry in a life a time”
A critical mineral is a metallic or non-metallic element that has two characteristics: it is essential for the functioning of our modern technologies, economies, or national security; and there is a risk that its supply chains could be disrupted.
Newcrest Mining (ASX:NCM) Chief Financial Officer Sherry Duhe told the opening session of IMARC that critical mineral demand is going to increase by 300% by 2040.
According to Duhe, the industry is on the cusp of a fundamental shift towards deliverable outcomes.
“As we become less of the problem we need to be more of the solution.”
Australia is currently the world’s largest supplier of nickel, rutile, tantalum, and zircon. While also being within the top 5 global suppliers of cobalt, lithium, copper, antimony, niobium, and vanadium. These are all key materials needed for battery and other green technologies vital to a sustainable future and decarbonisation.
Amber Bieg from Warm Springs Consulting pointed to stark figures that illustrate the massive hurdle the globe faces in order to reach net zero by 2050, noting that to achieve global net zero carbon emissions, mining of minerals will need to grow by 6 times by 2050.
Despite the need for more mining in order to transition to a green energy future, the public still perceive the mining industry intrinsically tied to fossil fuels when the reality is vastly different, IMARC was told yesterday.
IMARC speakers and delegates will today continue to discuss the energy as they collaborate on trends in mining, investment, and innovations towards a sustainable future.
Headquartered in Melbourne, Australia, and founded in 2009, MMG mines to create wealth for its people, host communities, and shareholders with an ambition to double the size and value of MMG, and then double again by 2030.
Newcrest is a mining behemoth with a market capitalisation of $15.72 billion.
IMARC is where global mining leaders collaborate on trends in mining, investment, and innovation towards a sustainable future. As Australia’s largest mining event, it brings together more than 7,500 decision makers, mining leaders, policy makers, investors, commodity buyers, technical experts, innovators, and educators from more than 110 countries for three days of learning, deal-making and unparalleled networking.
Mining.com.au is an official media partner of IMARC.
Write to Adam Orlando at Mining.com.au
Images: Mining.com.au
