aims “to grow our critical minerals wealth, create Australian jobs in mining and manufacturing, strengthen global clean energy supply chains, and support the world to achieve net zero emissions”.But critical steps are required now to realise that vision. Current approvals processes are complex and often stymied by red and green tape. They need to be faster.
We need processes that retain the rigour Australia is renowned for, while providing greater surety to investment and enabling critical resource development to progress.Rather than basing approvals on the expected decades’ lifespan of a mining project, we need stage-by-stage approvals so that a project can responsibly get off the ground sooner.
Currently, the Australian government relies on private investors – but an obstructive chicken and egg situation can hamper this investment stream. One mining project has secured hundreds of millions of dollars of overseas investment. The investor required the state government to approve the mineit released the funds, but the government insists the investment money must be in the bank before it issues the mine approval.
Finally, potential critical minerals hubs need to be prioritised. Focus should be placed on regions with rich mineral deposits and with opportunities to capitalise on existing infrastructure, export facilities and supply chains have been identified, such as Queensland’s CopperString 2032 project.