A strong domestic critical minerals sector was a key topic of discussion on day one of the International Mining and Resources Conference and Expo (IMARC) in Sydney.
Australian Resources Minister Madeleine King warns that the net-zero transition is at risk without Australia’s full support of these essential resources.
“The resources sector is crucial to Australia’s prosperity and our ability to meet net-zero targets,” she says.
“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.”
New South Wales Minister for Finance and Natural Resources Courtney Houssos, meanwhile, emphasised the state’s focus on energy opportunities and partnerships to attract investment in green industries.
“NSW is on the cusp of realising the opportunities in energy, but we know we’re not alone in the global race,” she says.
“We will need six times the amount of critical minerals currently mined to meet net zero commitments – and we know all of this can be found in NSW.
“Here in NSW, our message is clear. We are open for business.”
This follows news of the NSW Government’s commitment to a $250 million royalty deferral initiative for critical minerals projects to ease financial pressures and attract investment to the state.
The royalty initiative will be an opt-in scheme where the first five years of royalties are deferred and will apply to critical minerals projects that can start production between 1 July 2025 and 30 June 2030.
It predominantly covers minerals listed on the Commonwealth Government’s Critical Minerals List and where the proponent has a market capitalisation under $5 billion.
The move is part of the state’s Critical Minerals and High-Tech Metals Strategy that focuses on the five main areas of encouraging exploration, attracting investments, developing future-ready skills, expanding downstream processing, and ensuring responsible mining practices.
Currently there are 12 critical minerals mining and processing projects in NSW that are ready for investment, according to the NSW Government.
They require around $7.6 billion in capital investment and are expected to generate about 4,600 jobs during construction and 2,700 ongoing jobs.
“Our new strategy sets out a clear vision for NSW to be a leader in critical minerals and high-tech metals, generating economic prosperity through responsible exploration, mining, processing, recycling and advanced manufacturing,” she says.
“We want NSW to be moving further down the supply chain. Extracting minerals is a critical first step, but we can generate strong economic returns and support more jobs by getting into processing and advanced manufacturing.”
Anita Richards, Chief Operating Officer of IMARC, says the strong government presence at IMARC reflects the importance of this global forum, where government, industry, and investors come together to set strategic priorities for the resources sector.
“IMARC 2024 not only highlights Australia’s commitment to sustainable mining and net-zero objectives but also serves as a key platform for fostering innovation, collaboration, and investment in critical mineral development—paving the way for a resilient, future-ready mining industry,” she says.
This year’s conference is set to break records, with more than 9,000 delegates, 600 speakers and over 500 exhibitors on site.
thousands of industry leaders, innovators, and policy makers from over 120 countries are this week converging on the International Convention Centre in Sydney.
Write to Angela East at Mining.com.au
Images: IMARC
