Critical mineral strategies in Australia: Industrial upgrading without environmental or social upgrading

Lian Sinclair and Neil M. Coe

Resources Policy, 2024, vol. 91, issue C

Abstract: Australia is experiencing a rapid escalation in exploration for, and extraction and processing of, critical minerals. This new boom is driven by changing geopolitics and global demand for low carbon technologies. This is arguably the biggest economic opportunity since the mining boom of the 2000s, driving the biggest transformation of the extractive industries in Australia since the development of offshore gas in the 1970s. Against this backdrop, Australian governments at all levels are implementing strategies to upgrade the domestic extraction and processing of critical minerals. In this paper we conduct a comparative analysis of 17 strategies specifically targeting critical minerals – or the cognate categories of ‘strategic raw materials’ and ‘high-tech metals’. Based on a close reading and comparison of these strategies, the analysis finds far more commonalities than differences. Together they chart an approach typified by the facilitation of trade and investment, efforts to de-risk individual projects, and the streamlining of investment through regional hubs with common-infrastructure and planning. At the same time, they also exhibit concerning similarities in terms of the limited attention paid to improving environmental and social regulation or First Nations’ rights. Instead, ‘ESG’ is presented as a competitive advantage in global markets. This analysis is significant in identifying an emerging Australian mode of ‘green developmentalism’ that, while committing significant public funds to developing the mineral processing industry in the context of decarbonisation, keeps private capital firmly in the centre of its vision. This contrasts with more extensively studied modes of green developmentalism in other resource-rich countries.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:91:y:2024:i:c:s0301420724002277

DOI: 10.1016/j.resourpol.2024.104860

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