Will the demand for tech metal save the mining industry?

Posted by Design & Construct on 05-Jun-2017 11:00:23

In Construction

The next mining boom in Australia could be just around the corner with a recent rare mineral discovery in Queensland.


Queensland, the final frontier?

 

The next mining boom in Australia could be just around the corner with a recent rare mineral discovery in Queensland. Geologists have unearthed evidence that remote parts of Queensland may have an abundance of rare metals. Evidence suggests that platinum, gold and rare earth elements have been discovered. The rare minerals are essential to Australia’s future development and technology, with components used for mobile phones, solar cells and autonomous vehicles.

 

The discovery, referred to as the Diamantina Minerals Province, was uncovered when geologists discovered extremely rare geological pipe structures, in a remote area of western Queensland, south-west of Mount Isa.

The rare pipes originate from very deep within the earth and have been previously discovered in South Africa, Brazil, Russia and Finland. The rare earth elements are in high demand, especially for new green technology and will be crucial to enable Australia to shift from a carbon based economy.

The strength of the resources sector is critical to Australia's economic performance, with global demand for new technologies, creating an unsustainable demand, for rare minerals. China and Russia currently control this trillion-dollar market and any discoveries in Australia could unlock billions for the state economy, and potentially create the next gold rush, creating thousands of new jobs.

The development of Diamantina will require mining companies to fund further testing, along with a government pledge to invest heavily in the area. The rewards are many, including vast deposits of gold, silver, platinum and rare earth minerals; as well as cobalt, nickel, copper, niobium, hafnium, zirconium, tantalum and diamonds.

 

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Australia’s vast mineral endowment enables it to be at the forefront of the resources sector globally.
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References

Department of Industry, Innovation and Science. (2017). Retrieved 24 May 2017 from
https://industry.gov.au/resource/Mining/AustralianMineralCommodities/Pages/default.aspx

The State of Queensland. (2017). Retrieved 24 May 2017 from
http://statements.qld.gov.au/Statement/2017/4/16/rare-mineral-discovery-offers-fresh-frontier-for-qld 

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