Export of Critical Raw Materials Becomes Increasingly Important for Australia

by | 3. Apr 2023 - 11:51 | Economy

Critical raw materials could become one of Australia’s most important exports by 2028. As reported by the Australian Department of Industry, revenues from exports of lithium, nickel, and other strategic minerals could match those from coal exports by then. The fossil fuel is the country’s most important export commodity after iron ore. Lithium in particular will enjoy increased demand, according to the ministry. Revenues here are expected to rise from $5 billion in 2021-2022 to $19 billion in 2027-2028. Data on other resources, such as rare earths, are not mentioned in the report presented Monday, although they are attracting increasing interest overseas. The products and expertise of Australian mining groups such as Lynas and Arafura retain international demand.

Photo: iStock/SeventyFour

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