November 16, 2023

Press Release

Mineral Demand Could Deliver $20 Billion In New Investment

Australia could almost double its critical minerals investment pipeline to nearly AUD $20 billion per year if it lifts production to equal its share of global reserves in critical minerals including copper and nickel, according to a new report by BHP.

The report titled “Recapturing Australia’s Competitiveness” notes that achieving the global aims of the Paris Agreement will require the rapid and widespread deployment of clean energy technologies such as renewable energy, nuclear power, battery storage and electric vehicles. This transformation will only be possible through the scaling up of mineral production – with estimates suggesting up to 140 new copper mines, 60 new nickel mines, 50 new lithium mines and 17 new cobalt mines will be needed by 2030 alone. The capital investment required to unlock this production will be significant – estimated at an additional US $100 billion per year – but global competition for this capital is intense and growing. Seizing its share of critical minerals investment will support Australia’s future economic prosperity.

If Australia were to increase its production of the commodities central to the energy transition, this could deliver up to AUD $20 billion in annual investment for years to come – supporting high-paying jobs in regional and remote areas, and new opportunities for Indigenous participation.

“Australia needs to encourage major investment in the people, technology and skills required to create a diverse modern economy. More efficient assessment and permitting for major projects, strategic infrastructure and a stable policy environment will encourage global capital to flow to Australia’s shores,” said BHP President Australia Geraldine Slattery.

The Australian mining industry generates hundreds of billions of dollars in export revenues, taxes and royalties each year, pays the highest wages in the country and supports more than one million Australian jobs including the highest rate of Aboriginal and Torres Strait Islander employment.

For further information, visit the BHP website: www.bhp.com