Australia takes world leading role in global critical minerals supply

Australia is home to some of the largest resources of the world’s critical minerals. Geoscience Australia’s annual stocktake report of these mineral resources has been released in the 2024 edition of Australia’s Identified Mineral Resources (AIMR).

Geoscience Australia Chief Executive Officer Melissa Harris said Australia is playing a critical role in the global transition to a net zero future.

“Knowing what critical minerals and strategic materials are here in our own backyard is incredibly important for our country’s future,” Ms Harris said.

Drawing on almost half a century of data, AIMR 2024 identifies important trends in reserves, resources and mine production, and indicates future supply capacity.

In the 2023 calendar year, Australia had significant new investment in mineral exploration for ‘other metals’, a category which includes critical minerals. This investment of $767.5 million exceeded the exploration spend in both our iron ore and copper sectors.

Australia maintained its number one world ranking for gold, iron ore, lead, rutile, uranium, zinc and zircon. Thirteen minerals on our critical mineral list saw an increase in their Economic Demonstrated Resources (EDR); that is, the quantity of resources reported as ready for extraction and/or production. This included chromium which is used in other metals for hardenability and resistance to corrosion.

Additionally, Australia became number one in world ranking for vanadium resources - with almost half of the world’s economic resources and vanadium projects under development in Queensland and Western Australia.

Geoscience Australia is leading the Australian Government’s 35-year $3.4 billion investment in the Resourcing Australia’s Prosperity initiative under the Future Made in Australia plan. The initiative will provide the precompetitive geoscience needed to accelerate the discovery and development of critical minerals and strategic materials, and other resources, cementing our nation’s position as a global resources leader and provider for future generations.

"AIMR informs government and industry decision-making and assists in guiding future exploration and discovery to unlock our potential to supply the world with the critical minerals and strategic materials needed for advanced technologies and energy security,” Ms Harris said.

“This publication highlights the benefits of government investment in precompetitive geoscience for our economy which supports a sustainable and prosperous future for all Australians.”

The AIMR digital publication is available at: https://www.ga.gov.au/scientific-topics/minerals/mineral-resources-and-advice/aimr