While many of our mining sites have stalled or even ceased operation in Australia, there is a large ray of sunshine waiting for us within the rare earth sector of Australia, especially for NSW. China’s recent restrictions on rare earth metal exports are Australia’s gain. Reports that China is restricting exports of metals due to a rising domestic demand and a wish to conserve reserves for as long as possible renders Australia with a great opportunity.
China has dominated the world in terms of supply and demand of rare earth elements but Australia now have an opportunity to become the largest producer of certain rare earth metals, such as; Yttrium, Europium, Terbium and Dysprosium.
These metals have been nominated by the US Department as being critical to the world’s green energy future and in low weight high power magnets that are required for electric vehicles and wind turbines, along with europium, also supplying our much loved high-definition screens. These metals are in short supply around the world and Australia is extremely well-placed to assist and step into this gap.
However, to maintain the extremely promising growth in this Australian’s rare earth operations are still exploring this sector and are due to find and develop a whole lot more
So Australia’s business leaders are uniting with their global partners with this in mind at the illustrious COO Leaders Mining Summit scheduled to be held in Perth . The closed door private committee, which includes thought leaders from Australia’s leading mining and technology companies are set to re-evaluate existing processes to ensure that their future plans and investment priorities can live up to the expectations of investors.
“Australia is still without a producer of rare earth metals. This is mainly due to plenty of regulatory problems that have been imposed on the rare earth mining companies. However, we as a country are extremely close. And when these regulations are over-come we are in for a vast increase in production, development and investment of this sector” and that is why a meeting such as the COO Leaders Mining Summit (run by Media Corp International) is vital to our development and growth,” said a source from the COO Leaders Mining visionary committee.
An example of this is the well-known Lynas Corporation who is so painfully close to setting sail on their rare earth production. The Malaysian government has certainly slowed down their progress with regulatory problems, but this slowdown had led to Lynas ensuring that they are 100% set for taking over the world, with many of Australia’s rare earths.
Along with Lynas there are a few other Australian rare earth exploration companies waiting to get underway with their production; Arafura Resources (ARU) is one with a major project in late stages of its development. They also own a Northern Australia based Nolans Project. With vast confidence from the government for the Nolans Project (they received a tax refund of $22.5 million to fund further development); it has a mine life expectancy of more than 20 years with yearly production capacity of 20,000 tonnes of rare earth elements, along with phosphate, uranium and gypsum.
Another three exploration companies to keep an eye out for who are waiting to get underway with production is Peak Resources (PEK), Hastings Rare Metals (Ltd) and Victory Metals.
At present Australia holds 6% of the world’s rare earths but according to CSIRO this is not the full story. Australia is more plentiful in heavy rare earths compared to other countries which are in short supply. There is huge potential for Australia to become the leading supplier of dysprosium, Yttrium, Europium and Terbium. These heavy rare earths have experienced a vast increase in demand of late- mainly due to the use of Dysprosium in high performance magnets such as hybrid cars.
Within 3-4 years Australia should have several rare earth mines in operation and will be a major player on the world stage. This is especially relevant for Australia’s surplus quantity of dysprosium.
“The critical factor now is how Australia’s executives respond to this improving environment. We need to maintain our growth momentum in the quarters ahead if we are to continue to perform on a global scale, it has been a pleasure to be invited to oversee this meeting which will lead to further growth in the region,” Tyron McGurgan, CEO, Media Corp International.
The COO Leaders Mining Summit 2013 is being held on 23-24 July in the Crown Metropol, Perth.
For more information please visit: http://www.cooleaders.com.au
[MEDIA RELEASE AAP]