The New South Wales (NSW) government is developing a new strategy for the critical minerals and high-tech metals mining industry, with a focus on domestic manufacturing, skills, and training opportunities. The strategy aims to ensure a stable supply of these minerals and elements to boost economic growth and regional employment. NSW is home to 17 of the 26 nationally identified critical minerals needed for clean energy and achieving net zero emissions by 2050. The government plans to consult with industry players to draft the Critical Minerals and High-Tech Metals Strategy.
According to NSW Natural Resources Minister Courtney Houssos, the state is well-positioned to support the global supply of critical minerals, thanks to its diverse deposits and capacity for domestic processing and manufacturing. The government will consider how to drive the industry through increased skills and training opportunities, creating more high-paying jobs for people in regional NSW. The consultations will explore ways to boost domestic processing, push for greenfield critical minerals exploration, and provide certainty for the sector while supporting environmental, social, and corporate governance practices. Additionally, the government aims to attract investment in innovation, research, and development in NSW and establish the state as a preferred supplier of critical minerals to global partners.
Houssos emphasized the importance of maximizing the benefits from the mining boom and leveraging critical minerals and high-tech metals for future economic prosperity. In a post on X (formerly known as Twitter), she highlighted the potential of minerals like cobalt, zinc, nickel, scandium, and rare earth elements.
Meanwhile, an expert from the University of New South Wales (UNSW Sydney) stated that the failure to mine critical minerals could hinder the development of renewable energy technologies and make them more costly. Ismet Canbulat, Head of the School of Minerals and Energy Resources Engineering at UNSW Sydney, emphasized the need to produce critical minerals at a reasonable cost to facilitate the implementation of renewable energy technologies. Canbulat suggested that increasing productivity, resource recovery, and mining investments are necessary to boost critical minerals production and overcome challenges.
In another initiative, the NSW government plans to invest $1.8 billion to further support the state’s transition to clean energy. A billion dollars from Restart NSW will be allocated to establish the Energy Security Corporation, which will invest in storage projects, address market gaps, and improve electricity network reliability. An additional $800 million will be earmarked for the Transmission Acceleration Facility, intended to accelerate the connection of NSW’s Renewable Energy Zones (REZ) to the grid.