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Critical Minerals, Refining and Secondary Mining: Opportunities for Australia and the Asia–Pacific Region

In: Critical Minerals Supply Chains Security and Resiliency in the ASEAN, Vol. 2

Author

Listed:
  • Russell Smyth

    (Monash University, Department of Economics, Monash Business School)

  • Joaquin Vespignani

    (University of Tasmania, Tasmanian School of Business and Economics
    Australian National University, Centre for Applied Macroeconomic Analysis)

Abstract

Increasing critical mineral production is essential for realizing global net zero carbon emissions. Australia has more than 20% of the global proven reserves of the major critical minerals. This chapter estimates that conservatively the value of Australia's proven reserves of critical minerals is about USD 3 trillion and that when unproven reserves are considered, the potential value is likely to be as much as five times this figure, representing almost nine times Australia's GDP in 2023. In 2023, Geoscience Australia released the Atlas of Waste Mines, showing the location of critical minerals that are contained within the waste materials of existing mines, substantially increasing the economic opportunities for secondary mining and further enhancing the geological potential value of Australia's critical minerals. In this chapter, the argument is made that secondary mining of critical minerals, coupled with refining and vertical integration represents an historical opportunity to ensure sustainable economic growth in Australia. Implications are drawn for the ASEAN carbon neutrality agenda on accelerating green value chain integration through examining both the opportunities, and challenges, for the Asia–Pacific.

Suggested Citation

  • Russell Smyth & Joaquin Vespignani, 2026. "Critical Minerals, Refining and Secondary Mining: Opportunities for Australia and the Asia–Pacific Region," Economics, Law, and Institutions in Asia Pacific, in: Phoumin Han & Rabindra Nepal & Farhad Taghizadeh-Hesary (ed.), Critical Minerals Supply Chains Security and Resiliency in the ASEAN, Vol. 2, chapter 0, pages 171-194, Springer.
    • Handle: RePEc:spr:eclchp:978-981-96-9354-2_8
    DOI: 10.1007/978-981-96-9354-2_8
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