PUBLICATION
Australia Mining 2006 E&MJ Release
The global resource industry is renowned for its pronounced cyclicality. Yet what is unique about the current surge in metals and minerals demand is the fact that it is broadly based across commodities and is drawing upon rapid economic development in Asia that resource-rich Australia is geographically well-placed to exploit. Open, durable but remote, the local mining industry is now ratcheting up the country’s overall international economic profile to levels not previously seen—and there’s little sign of a slowdown. It is a profile that deserves some publicity. According to the International Monetary Fund, Australia’s economic growth averaged 3.1% per year between 2000 and 2005 (incorporating a Fund estimate for 2005), better than any other major industrialized country including the 2.8% seen in the United States.
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It is said that mining is a patient industry. Current demand projections are not. Demand for minerals deemed ‘critical’ is set to increase almost fourfold by 2030, according to the UN. Demand for nickel, cobalt and lithium is predicted to double, triple and rise ten-fold, respectively, between 2022 and 2050. The world will need to mine more copper between 2018 and 2050 than it has mined throughout history. 2050 is also the deadline to curb emissions before reaching a point of ‘no return.’ The pace of mineral demand and the consequences of not meeting it force the industry to act fast and take more risks. Mining cannot afford to be a patient industry anymore. The scramble for supply drives miners back to geological credentials, and therefore to places like the African Central Copperbelt.
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