The International Mining and Resources Conference (IMARC) began on November 2, with a particular focus on green energy transition.
Green energy transition has been a key challenge for the industry, as available critical minerals become harder to attain.
And according to Newcrest Mining chief financial officer Sherry Duhe, critical mineral demand is only going to increase.
“As we become less of the problem we need to be more of the solution,” Duhe said at the opening session of IMARC.
Demand for critical minerals is expected to increase by 300 per cent by 2040.
Australia is currently the world’s largest supplier of nickel, rutile, tantalum and zircon. The country is also in the top five global suppliers of cobalt, lithium, copper, antimony, niobium and vanadium, all key materials needed for batteries and other green technologies.
Warm Springs Consulting employee Amber Bieg has pointed to stark figures that illustrate the massive hurdle the world faces in order to achieve net-zero by 2050.
“To achieve global net-zero carbon emissions, mining of minerals will need to grow by six times by 2050,” she said.
According to Troy Hey, MMG executive general manager, the increased demand could be a generational opportunity for a sector that is still perceived as relying on fossil fuels.
“This could be the greatest reputational repositioning for the industry in a lifetime,” he said.
The discussions surrounding the green energy transition will continue across the last day of IMARC.