While mining is in the country’s DNA, raw materials are processed offshore. But as trading partners scramble to secure critical minerals, Australia may want to expand its role of miner to refiner.
An eye towards a green premium – the additional cost of choosing a clean technology over one that emits more greenhouse gases – could help secure Australia’s future as theWhile mining is in our DNA, we generally ship raw materials for processing offshore. But as trading partners scramble to secure critical minerals, Australia may want to expand its role of miner to include refiner.
But we need to be realistic about the opportunity and learn from previous mistakes. It will be essential that we partner with the right companies to bridge the gap between mining and processing expertise.Historically, we’ve coveted the processing industry for the much-valued job creation it brings to market. In the 1990s, BHP and Rio Tinto coerced through licensing conditions, established steel making facilities to process iron ore.
Processing critical minerals domestically reduces its carbon intensity as it eliminates the shipping of waste ore. Furthermore, if the processing is powered by renewable energy, it could then significantly reduce the carbon footprint of electric vehicle batteries, something automakers and their customers may be willing to pay for.
The European market is currently the second-largest electric car market in the world, accounting for 25 per cent of EVs sold in 2022. Australia is well positioned to meet the EU’s proposed green criteria.. However, it does require that 40 per cent to 80 per cent of the value of EV critical minerals be sourced from the US or a free trade partner to be eligible for subsidies.
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