CSIRO says Australia must secure share of global minerals market for wind, solar and EVs
Australia could stake a massive claim on the world’s booming critical minerals market, a report has found, but only if it acts quickly.
CSIRO issued the warning in a report examining Australia’s processing capabilities for in-demand minerals and opportunities in an industry valued at $482 billion.
Critical minerals such as lithium, cobalt, graphite, silicon and rare-earth elements are used to make EVs, solar panels and wind turbines, and demand for the minerals has doubled over five years.
The CSIRO report found Australia was uniquely placed to play a significant role in the industry due to its rich mineral resources, institutions and active research sector.
While the sector is advanced in some areas like lithium and cobalt research, patents and pilots, it is limited in others, such as rare-earth research or solar panel recycling patents.
It also called for investment in research, development and demonstration projects, particularly those that could uncover more efficient and environmentally friendly methods of processing minerals.
CSIRO Futures minerals lead Max Temminghoff said the report proved Australia had the potential to create clean energy exports “essential to the energy transition and in high global demand”.
Australian Critical Minerals Research and Development Hub manager Lucy O’Connor said she hoped the report would provide guidance to the industry, partners and investors about opportunities and challenges in the sector.
Greater research funding, she said, could help Australia boost its mid-stream minerals processing and establish environmental, social and governance guidelines.
The report also forecast demand for critical minerals to grow, predicting global demand for lithium will continue to rise with the popularity of EVs and the emergence of next-generation battery technology.