Ore reserves of critical mineral commodities in Australia 2020

Critical minerals are metals and non-metals that are essential for the development of the world’s major economies and the advancement of technology, however the supply is at risk due to various factors. One of the more well-known critical minerals that are mined in Australia is lithium. As of the end of 2020, there was a reserve of around 3,040 metric kilotons of lithium in Australian mines.

The Modern Manufacturing Initiative

The country has invested more in the exploration and mining of critical minerals in recent years. One such initiative is the Modern Manufacturing Initiative. This is a government initiative that aims to transform manufacturing businesses and help them to scale up, translate ideas into commercial successes, and integrate into local and international value chains. As of March 2022, the value of critical mineral funding distributed by the Modern Manufacturing Initiative in Australia totaled over 200 million Australian dollars.

Lithium in Australia

Australia is one of the world’s leading lithium producers along with Chile and China. Lithium has many different uses in its various forms, but by far the largest end-usage of lithium worldwide was in rechargeable batteries. These batteries are not only needed for consumer electronics but also for renewable energy storage and electric vehicles. Australia looks set to retain its position as a world-leading lithium supplier, with most of the country’s lithium resources located in Western Australia.