Australia’s mining industry has generated A$2.4trn ($1.54trn) in resources and export income during the last ten years. Even though most minerals mined in Australia are exported, the mining still provides the bedrock of 21% of the economy.
The industry has paid A$143bn in company taxes, A$112bn in royalties, and A$252bn in mining wages, according to the Minerals Council of Australia. It also estimates that 50 new lithium mines, 60 new nickel mines, and 17 new cobalt mines will be needed worldwide by 2030 to supply the demand for electricity storage alone. The implicit hope remains that many of these mines will come to Australia.
The Council anticipates a A$100bn investment annually, above current levels, to produce the mineral commodities needed for the world to achieve net-zero emissions by 2050. This presents a significant economic opportunity for Australia, but more is needed.
“That [achieving net zero] is going to require significant multiples of metals and minerals in coming decades compared to the last few – two times as much copper, four times as much nickel, twice as much steel, twice as much potash – and so on for the other critical metals and minerals,” said Mike Henry, CEO of Australian mining company BHP at the World Mining Congress in late June.
It takes a considerable amount of time for new mines to move from the discovery phase to the production phase. Nickel mines can take up to 18 years to move forward, with copper mines taking up to 15 years. Unless the...
By Victor Ahiuma-Young The National Pension Commission (PenCom) has introduced stricter advertising rules for Pension Fund Administrators, PFAs, warning operators against false claims, misleading ...