Newly released data shows Australia’s stock of identified critical mineral resources is increasing. The new data was released as part of the annual Australia’s Identified Mineral Resources (AIMR) report by Geoscience Australia.
AIMR 2019 presents estimates of Australia’s mineral reserves and resources using data collected from the mining industry sector in 2018. It shows the country’s resources of tantalum rose by almost 80 per cent and lithium by nearly 70 per cent in the preceding 12 months. Resources of both platinum group elements and rare earth elements increased by 26 per cent in that time.
Minister for Resources, Water and Northern Australia, Keith Pitt said these critical minerals are integral to the production of mobile phones, LCD screens, microchips, magnets, batteries and the new and emerging technologies “that will drive our economy and innovation into the future”.
The increase in critical mineral resources was the most significant change in the national minerals inventory since the release of AIMR 2018 in March 2019.
The latest edition of AIMR is part of a suite of publications developed to inform mineral explorers and attract mining investment to Australia.
The suite was launched by the Australian Government at the world’s premier mineral exploration and mining convention hosted by the Prospectors and Developers Association of Canada (PDAC) in Toronto from 1-4 March 2020.
Minister Pitt said the Australian Government was focused on opening doors for the local mining industry, including to the growing global market for critical minerals.
“Earlier this week at PDAC, on behalf of the Australian Government, Geoscience Australia established an agreement with the Geological Survey of Canada to work together to better understand our respective geological resource potential,” Minister Pitt said.
“This follows the agreement we signed with the United States last year to collaborate on critical minerals research with the United States Geological Survey.”
“At home, our Critical Minerals Facilitation Office is working to support local critical minerals projects to secure investment, finance and market access. This will open up new opportunities in trade and manufacturing, creating jobs of the future for thousands of Australians,” he commented.
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