The demand for mineral crucial to the energy transition doubled in the past five years to a value of $US320 billion and Australia has an opportunity to build its own refining industry, according to a new CSIRO report.
CSIRO attributes this rise in demand to the “exponential growth” in the popularity of electric vehicles (EVs) and the continued deployment of solar and wind energy.
The report, ‘From minerals to materials: an assessment of Australia’s critical minerals mid-stream processing capabilities’, is the first by CSIRO that makes a comprehensive assessment of the innovation required to build a mid-stream processing industry in Australia.
CSIRO futures minerals lead Max Temminghoff said the report aims to develop Australia’s efforts to develop beyond mining and shipping to processing and manufacturing using critical minerals.
“Australia has a rich endowment of critical minerals and world-leading capabilities in several mid-stream activities,” Temminghoff said.
“To become competitive in mid-stream processing, promoting innovation and coordinating efforts across industry, research and government, along with international collaboration, are essential.”
The report provides detailed data on current capabilities and research, development and demonstration (RD&D) and international cooperation opportunities across minerals like lithium, cobalt, silicon, rare earth elements, and graphite. It outlines a pathway forward, emphasising the role of innovation in enhancing existing commercial processes and developing disruptive technologies to support sustainable and cost-competitive production in Australia.
“This report showcases Australia’s technical strengths and presents opportunities for significant innovation and international partnerships,” CSIRO director of mineral resources Dr Rob Hough said.
Australian Critical Minerals Research and Development Hub manager Lucy O’Connor said research and development (R&D) plays a pivotal role in realising Australia’s potential in critical mineral processing.
“We need to ensure research is targeted to industry problems and outcomes and can be developed into commercially applicable technologies,” O’Connor said.
“This report provides information industry, international partners and investors, as well as the R&D sector, need to identify comparative opportunities as well as the most challenging technical bottlenecks for the sector when developing integrated supply chains in critical minerals.”