The Australian mining industry is on the brink of a new mining boom that is based on the so-called tech metals.
With this, the mining industry is calling for the development of a value-adding component as the race heats up across the nation to find new deposits of rare earth and other metals.
Coal and iron ore are Australia’s two largest mineral commodities which are shipped offshore in bulk form.
The metals being searched for are essential in manufacturing, high-tech components like mobile phones, electric vehicles, and solar cells. They are also used in making different types of batteries needed to store power from renewable sources. Up until recently, all rare earths were mined, harvested and exported from China, in which the country had a stronghold on the industry and its pricing.
Given the worldwide importance, the race is to find more rare earth deposits, and Australia is a favoured hunting ground.