NSW Critical Minerals Strategy welcomed by industry
- 23 October 2024
New South Wales Minerals Council CEO Stephen Galilee has welcomed the release of the NSW Government’s Critical Minerals Strategy, saying it comes at an important time for the mining sector in the state.
Galilee said the strategy confirmed the NSW Government’s vision for NSW to become a global leader in critical minerals production and identified important steps forward, including increased support for exploration, improvements to the state planning system and investment attraction efforts, and more access to relevant federal government funding and programs.
A A$250 million royalty deferral initiative could assist critical minerals projects, the NSWMC said.
“It’s pleasing that this strategy prioritises a range of specific actions to be undertaken over the short to medium term, and the medium to long term,” Galilee said.
NSW Government officials said the state’s new Critical Minerals and High-Tech Metals Strategy was aimed at fostering investment in “12 ready-for-investment critical minerals mining and processing projects” that could create about 4600 construction jobs and 2700 operational roles.
The projects currently need about $7.6 billion of capital investment.
The government said its royalty deferral scheme was an opt-in plan that allowed for deferral of the first five years of royalties. It targeted critical minerals projects that could start production between mid-2025 and mid-2030, primarily mine commodities from the federal government’s Critical Minerals List, and had owners with a market value under $5 billion.
“While it will be important to see some more details on several of the key initiatives, the high level whole-of-government commitment and general direction outlined in this strategy is welcome,” Galilee said.
“The NSW Government’s commitment to the sector stands in stark contrast to a federal government that blocks NSW mining projects based on secret whispers and public murals.”
The NSWMC said 13 mines in the state currently produced critical minerals and at least three more were fully approved and currently seeking combined investment of more than $3 billion.
A further three potential projects were under assessment in the NSW planning system and six others were preparing EIS applications.
“Mining is a vital industry for NSW,” Gallilee said.
“The sector provides around 40,000 direct jobs and supports tens of thousands more jobs, including almost 7000 mining supplier businesses across the state, while also providing NSW with its most valuable export commodities.”
NSW premier Chris Minns said: “We have got the metals and minerals the world needs and NSW is open for business. We are sending a clear message to Aussie and global miners: invest in NSW.”
