The transition to a green energy future was a key focus on the first day of International Mining and Resources Conference (IMARC).
A key challenge facing the transition is the lack of available critical minerals to help build green technologies.
Newcrest Mining chief financial officer Sherry Duhe told the opening session of IMARC that critical mineral demand was going to increase by 300% by 2040.
“As we become less of the problem we need to be more of the solution,” said Ms Duhe.
Australia is supply rich
Australia is currently the world’s largest supplier of nickel, rutile, tantalum and zircon whilst also being within the top five global suppliers of cobalt, lithium, copper, antimony, niobium and vanadium - key materials needed for battery and other green technologies vital to a sustainable future
Amber Bieg from Warm Springs Consulting pointed to stark figures that illustrate the massive hurdle the globe faces in order to reach net-zero by 2050.
Bieg said that “to achieve global net-zero carbon emissions, mining of minerals will need to grow by six times by 2050.”
Despite the need for more mining in order to transition to a green energy future, the public still perceives the mining industry intrinsically tied to fossil fuels when the reality is vastly different.
MMG executive general manager Troy Hey, however, sees the demand for critical minerals as a generational opportunity for the sector.
Hey said that “this could be the greatest reputational repositioning for the industry in a life a time”.
IMARC speakers and delegates will continue to discuss the energy transition as they continue to collaborate on trends in mining, investment and innovations towards a sustainable future.