The term ‘critical minerals’ has several loosely related definitions. An academic paper defines it as “raw materials for which there are no viable substitutes with current technologies, which most consumer countries are dependent on importing, and whose supply is dominated by one or a few producers”. Whereas the Australian government defines it more loosely as minerals “essential to our modern technologies, economies and national security…that are vulnerable to supply chain disruption”.
And while the government definition takes on a more geopolitical slant to the definition, the sentiment between the two are the same – modern day living would not exist without reliable access to these materials. And since it has a political slant, the list of minerals can differ between countries. The periodic table on the previous page highlights the elements (and minerals at the bottom) on the EU critical minerals list. Helium (He) is listed – but found nowhere on the Australian list. Conversely, molybdenum (Mo), nickel (Ni) and high purity alumina are on our critical minerals list but not in the EU. So the term ‘critical minerals’ is slightly different from region to region, but what about rare earth elements?
THEIR IMPORTANCE
Critical minerals are vital to the development of future technology in thin film electronics, renewable energy (storage and harvesting) systems, and advanced materials manufacturing. From rare earth elements essential for magnets in wind turbines and electric vehicles to lithium powering rechargeable batteries, these minerals underpin the modern economy’s shift on low carbon footprints towards net zero future by 2050.
Elements such as lithium, cobalt, nickel, and copper hold the key to unlocking Australia’s potential in the global market. Australia has significant reserves of many critical minerals, positioning itself as a key player in the global supply chain for the energy transition. With vast deposits (as well as several rare earth elements, vanadium and tungsten, Australia has the potential to become a leading supplier in the rapidly expanding market for these resources. But these materials are much more important to modern day life than the decarbonisation of society and the energy transition push.
