Page 58 - Climate Control News magazine Oct-Nov 2022

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PARTNERS IN PERFORMANCE ANZ DIRECTOR, MICHAEL HUGGINS, EXPLAINS HOW THE HEIGHTENED DEMAND FOR CRITICAL MINERALS HAS PUSHED UP THE PRICE OF RAW MATERIALS, POTENTIALLY REVERSING THE PROGRESS OF CLEAN ENERGY TECHNOLOGIES.
Developing a critical minerals strategy for a clean future
small and medium-sized mining companies access to increasing domestic production.
Incentivising programs and encouraging min- ing companies to install or repurpose existing equipment or facilities to produce critical miner- als, and, increasing the budget for research and development in the sector, would enhance Aus- tralia’s role in stabilising the critical minerals supply chain market.
These factors, riding on the backbone of Aus- tralia’s reputation for environmentally and so- cially responsible governance, would propel Aus- tralia into being at the forefront of the critical minerals mining sector.
The commitment of local mining companies to greener production of critical minerals is evi- dent in two recent projects involving global man- agement consulting firm, Partners in Perfor- mance. These include an old mining site that has since transitioned to harnessing solar and wind energy, that now powers 70 per cent of its total energy needs, as well as a greenfield mining pro- ject that will be carbon net-zero when built.
Solutions such as these are crucial at a time when a growing number of organisations are considering alternative energy sources across all industries. ✺
ABOUT THE AUTHOR
Michael Huggins is a director and head of Australia and New Zealand at Partners in Performance. He has over
20 years of experience in management consulting and private equity.
Huggins started his career in engineering at Rio Tinto before moving into management consulting at McKinsey & Company.
Australia has
the minerals necessary for the manufacture of batteries, solar panels and electric vehicles.
AUSTRALIA CAN, HOWEVER, play a key role in stabilising the global markets and supply chain for these critical minerals. Australia can source minerals in environmentally and socially respon- sible ways due to its strong and ef-
er electronics. The Australian Government’s 2022 Critical Minerals Strategy will set the stage for Australia to develop a thriving and durable Australian critical minerals sector
ficient regulatory environment. Workers involved in the sector are also protected. This sets Aus- tralia apart from its competitors that may operate at a lower cost, but at the expense of the environ-
ment or its workforce
Australia is home to the world’s
“AUSTRALIA CAN BECOME A CRITICAL MINERALS POWERHOUSE SUPPORTING CLEAN ENERGY TECHNOLOGIES.”
through a lens of sustainability to meet global market demand. As Australia positions itself in
becoming the critical minerals powerhouse supporting clean en- ergy technologies, the growth and expansion of downstream processing is expected to be phe- nomenal with the creation of about 52,000 jobs in regional are- as. Apart from boosting the econ- omy, it will breed a new genera- tion of high-skill, high-tech jobs.
largest supply of four critical min-
erals. They are nickle, rutile, tan-
talum and zircon. We are also
among the top five in the world
for our supply of cobalt, lithium,
copper, antimony, niobium and vanadium, posi- tioning us as the main contender in the critical minerals sector on a global scale.
The Australian Government clearly recognises the potential that Australia holds in the critical minerals mining sector. How- ever, more investments, especially from smaller and mid-tier mining and exploration companies, to increase production and meet global supply chain demands will help Australia lead the way in critical minerals supply by 2030. The $2 billion that has already been set aside for this will give
As the term ‘critical minerals’ suggests, these minerals are critical in the long-term goal toward cleaner energy in the manufac- ture of batteries, electric vehicles, solar panels, turbines to harness wind energy and consum-
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