A$1.8 billion (US$1.28 billion) in annual royalties, while using just about 0.1 per cent of the state’s land. Accordingly, the government of Australia is currently seeking to make the most of untapped rare earth mineral deposits in the Central West region of NSW.
As part of these efforts, the region was announced as Australia’s first “critical minerals hub”, with a promise by the government to make the state a major global supplier of metals and critical minerals. A significant number of projects in NSW have been deemed investment-ready by experts. While three operating mines in the state are capable of producing critical minerals, more than 15 exploration projects targeting the mineral resources are currently underway.
The recent announcement, which has been described by the NSW government as “a new frontier” for the state’s mining sector, is only a strategy for now. Funding and timelines in this regard are yet to be determined. As Australia’s first Critical Minerals Hub, the government is expected to promote the exploration for critical minerals resources in the Central West, by boosting the sector through proactive development of supply chains and attracting investment for the process.
“[…] the future global economy and the pathway to lower emissions will be founded on minerals that NSW is rich in, such as cobalt, rare earth elements and copper,” Deputy Premier Paul Toole noted, adding that these resources would be “vital in enabling our vibrant growth industries like advanced manufacturing, batteries, defence and aerospace, technology-enabled primary industries and renewables”.
“This strategy has been in the making for a number of years,” he said. “These minerals are going to be the future with solar panels, renewables, aerospace and defence. They need these rare earth metals and minerals and we’ve got them right here. That’s why we want to be a global supplier and lead the world.”
