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Invest in Australia’s
Resources Sector投资澳大利亚的资源产业
William Lin 林怀李Investment Director
高级投资总监Australian Trade and Investment Commission, Australian Embassy
澳大利亚贸易投资委员会(澳贸委) / 澳大利亚驻华大使馆商务处
Why Australia?
为何投资澳大利亚资源产业?
Abundant Resources
资源丰富
Australia’s Commodity World Rankings
澳大利亚世界排名
COMMODITY 商品
RESOURCES 资源
WORLD RANKING世界排名
51,545 Mt
1,287 kt
68,310 Mt
9,546 t
62.6 Mt
18.8 Mt
88.75 Mt
6,021 Mt
1
1
5
1
1
1
2
2
IRON ORE 铁矿
URANIUM 铀矿
COAL (BLACK) 煤
GOLD 金矿
ZINC 锌
NICKEL 镍
COPPER 铜
BAUXITE 铝土矿
Source: Geoscience Australia, Australia’s Mineral Resource Assessment 2015.
Australia’s Wealth of Resources
澳大利亚资源丰富
Australia – means opportunities
资源储备（示范和推断）和勘探
开发性高生产，资源储备和勘探
探明
Exploration opportunities
&Project pipeline
勘探和拟建项目机会
Committed Major Projects
处于实施阶段的大型项目
Australia – means opportunities
Source: DoIIS, Resources and
Energy Major Projects , October
2015
Project pipeline & exploration opportunities
可勘探和拟建项目多
Australia, effectively unexplored (>100 meters)很大程度上未开发（> 100米）
180 publicly announced and feasibility-stage projects in Australia180个资源项目处于已公布或可行性研究阶段
Opportunities for new investment and partnership大量投资或合伙的机会
Strategic location
优胜的地理位置
Strategic location
优胜的地理位置
Proximity to high-growth Asian markets同处高增长的亚洲市场
Strong logistics and shipping network 强大的航运物流网络
Mature export links and free trade agreements 成熟的出口链接和众多的自由贸易协定
Asia and the Pacific: comparison of FTAs in force
亚太地区Australia
澳大利亚USA
美国Canada
加拿大EU
欧盟NZ
新西兰
ASEAN 东盟 ● ●
Brunei 文莱 ● ●
Chile 智利 ● ● ● ● ●
China 中国 ● ●
Hong Kong 香港 ●
Japan 日本 ●
Korea 韩国 ● ● ● ● ●
Malaysia 马来西亚 ● ●
Singapore 新加坡 ● ● ●
Thailand 泰国 ● ●
Trans-Pacific Partnership Agreement*
跨太平洋伙伴关系协议● ●
Free Trade Agreements (FTAs)
自贸协定
11
*Negotiations concluded
Supportive government
政府的支持
Improving Investment Conditions改善投资环境
Federal, state and territory governments to streamline environmental assessment. 联邦政府和各州/领地政府合作以简化环评程序
Major Projects Approval Agency: to simplify project approvals. 设立一站式重大项目审批局: 项目审批便利化
Resources Data Initiative (RDI): to improve the accessibility and usability of Australia’s environmental and
geological data. 进一步提高澳大利亚的环评和地质数据的可用性
Northern Australia Infrastructure Facility: to encourage and complement private sector investment in economic infrastructure in northern Australia. 设立澳大利亚北部基础设施促进基金以鼓励企业投资
R&D Tax Incentive of up to 43.5% for eligible businesses 科研扣税鼓励高达43.5%
Exploring for the Future (EFF) 2016-2020: $100 million to boost exploration investment in north and south Australia.1亿澳元“勘探未来计划”以在澳大利亚北部和南澳大利亚地区探明矿产, 能源和地下水的潜力
Junior Mineral Exploration Tax Credit (JMETC): $100 million to attract investment in greenfield mineral exploration.1亿澳元“初级矿产勘查税收抵免”鼓励在澳大利亚进行绿地矿产勘探的投资
Expanding of Resources Base鼓励资源勘探开发
Boosting Productivity - Minerals/Energy Growth Centres 成立矿业/能源增长中心以提高生产力
• Innovation mentoring program (IMP) for the METS sector in Australia (joint project with Austmine Industry Association)
与澳大利亚采矿设备,技术和服务行业协会合作的行业创新指导计划
• METS Ignited (with NERA) is for entrepreneurs and technology innovators on solutions for the global resources industry
METS增长中心和NERA结合, 协助企业家和技术开发人员找出行业解决方案
www.metsignited.orgLaunched in Oct 2015 for Mining Equipment, Technology and Services (METS) suppliers
成立于2015年10月, 针对矿业设备, 技术和服务(METS)
ChAFTA 20 December 2015
17 November 2014
能源&资源
All tariffs eliminated: 所有关税将豁免
o Coking coal (3%) on the first day of the Agreement 免除炼焦煤关税(3%)
o Non-coking coal (6%) within 2 years 非炼焦煤2年内豁免(6%)
The removal of tariffs on transformed resources and energy products：其他资源和能矿产品的进口关税也将豁免：
o Refined copper and alloys (unwrought) (1%-2%) 精炼铜和铜合金(1%-2%)
o Aluminium oxide (alumina) (8%) 氧化铝(8%)
o Nickel mattes and oxides (3%) 镍锍和氧化镍(3%)
o Unwrought zinc (3%) 未锻轧锌(3%)
o Copper waste and scrap (1.5%) 铜废碎料(1.5%)
o Unwrought aluminium (5%-7%) 未锻轧铝(5%-7%)
o Aluminium waste and scrap (1.5%) 铝废碎料(1.5%)
o Unwrought nickel (3%) 未锻轧镍(3%)
o Other mineral substances (3%-5%) 矿物质(3%-5%)
o Titanium dioxide (6.5%-10%) 二氧化钛(6.5%-10%)
China-Australia Free Trade Agreement中澳自由贸易协定
ChAFTA provides greater certainty by locking-in current zero tariffs on major resources and energy products, including iron ore, gold, crude
petroleum oils, and liquefied natural gas (LNG).
对于主要资源和能矿产品，包括铁矿石，黄金，原油，液化天然气将锁定零关税。
• Investment Facilitation Arrangement (IFA) – available for large infrastructure projects above $150
million
投资辅助计划(IFA)- 供投资额达1.5亿澳元以上大型基础设施项目引进人才和劳动力
• Investor-State Dispute Settlement (ISDS) mechanism
投资者与国家争议解决机制(ISDS),以增强投资者信心
China-Australia Free Trade Agreement
中澳自由贸易协定
World-class R&D
世界级的产业研发能力
World-class R&D Institutions世界级矿业研发机构
Australia – means opportunities
• Public R&D facilities: ARC Centre of Excellence in Ore Deposits (CODES), Australian Centre for Geomechanics, Australian
Crustal Research Centre, Australian Geophysical Observing System, Australian Resources Research Centre, Centre for
Exploration Targeting, Centre for High Definition Geophysics, Minerals Research Institute of WA and Energy and Minerals
Partnership. 澳洲的公营研发机构：包括澳大利亚矿石科研成果理事会, 澳大利亚地球力学中心, 澳大利亚地壳研究中心, 澳大利亚地球物理观测系统, 澳大利亚资源研究中心, 澳大利亚勘探定位研究中心, 高清晰度地球物理中心, 西澳州矿产研究所, 以及能源与矿产合作中心
• CSIRO: ranked in top 1% of scientific institutions worldwide in 15 of 22 research fields. Minerals Down Under Flagship:
works to increase the mineral industry’s productivity and reduce its environmental footprint
澳大利亚联邦科学与工业研究局：22个研究领域中有15个排名世界前1%, 其中“矿业澳洲旗舰项目”致力于增加矿业产能和降低环境污染.
• Cooperative Research Centres (CRCs): 22 linked to resources and energy
合作研究中心：22个与能源行业相关
21Investment in Australian Resources and Energy
efficiency
communityenvironment
economics
safety
World Leading Sustainable Mining世界领先的可持续开采管理系统
安全效益
环保……
Why Australia?
为何投资澳大利亚资源产业?
Why Australia?
为何投资澳大利亚资源产业?
Australia, a global leader in resources丰富的矿产储量, 全球资源主要供应国
Significant exploration opportunities, healthy project pipeline 大量俱潜力的勘探机会和健康发展的在建项目
Strategic location with key market connections and logistic support 优胜的地理位置，市场网络和物流
Supportive government, and comprehensive geoscience data政府大力支持, 地质数据丰富全面
World-class R&D世界一流的资源产业研发能力
and ……
还有。。。。。。
Northern Australia Development
北澳发展倡议
Land Administration Reform 土地管理改革
Water Resource Assessment 水资源评估
Irrigation System Development 灌溉系统开发
Visa Development (WHM, DAMAs, etc)
签证支持（度假打工签证，指定区域移民政策等）
A$5 billion for a Northern Australia Infrastructure Facility 50亿澳元用于澳北地区基础设施建设信贷安排
A$600 million for a Roads Package development 6亿澳元用于改善当地多条道路状况
A$200 million for water infrastructure 2亿澳元用于水资源开发
A$100 million for beef roads 1亿澳元用于活牛运送通道建设
White Paper on Developing Northern Australia
澳洲北部发展白皮书
A dedicated forum in Darwin in November
11月在达尔文举办北部地区投资论坛
Supported by world leaders
世界领导人支持
How can Austrade help?我们能提供哪些帮助？
Government Support and Facilitation
可提供的政府服务
Austrade provides free and confidential investment facilitation services to qualified investors.
澳贸委是澳大利亚联邦政府的贸易与投资推广机构, 为合资格投资企业提供免费和保密的政府协助。
National coordination of Australian government investment services
与澳大利亚政府各部门之间的官方协调 Introductions to key government agencies, including the State and Territory governments
向投资者介绍关键政府机构，包括州与领地政府 Information on the Australian business and regulatory environment
提供关于澳大利亚营商和监管环境的信息 Advice on Australian government programs and approval processes
提供澳大利亚政府计划和审批流程方面的建议 Market intelligence and investment opportunities
提供市场资讯和投资机会 Identification of suitable investment locations and partners, and also arrange site visit
为企业鉴别合适的投资地点和合作伙伴, 并协助安排实地考察
Toolkit for Resources and Energy Investment 资源和能源投资工具包
www.austrade.gov.au/invest www.icnwa.gov.au www.projectconnect.com.au www.nics.gov.au
Resources and EnergyMinerals and Petroleum in
AustraliaWA Infrastructure
Directory
Industry Capability
Reports
Want to learn more?欲知更多？
www.austrade.gov.au/invest
William Lin 林怀李,高级投资总监
Tel: (010) 8532 8625
?
Australian Mining and Exploration A National Perspective
Dr Anthony Budd Section Leader – Resources Advice, Assessment and Minerals Promotion,
Geoscience Australia
Federation Australia
Established resources sector
A$1617 billion GDP
2015-16
Exports 64% A$160 billion
6%
China accounts for 28.3% of Australia’s total exports
World leading resources and production Commodity World Ranking
Resources Production Black Coal 5 4
Iron Ore 1 2 Gold 1 2
Bauxite 2 1 Copper 2 6
Lead 1 2 Zinc 1 2
Nickel 1 4 Lithium 4 unknown
Manganese 2 3 Phosphate 10 minor Rare Earths 3 2
Tungsten 2 minor Uranium 1 3
Geoscience Australia, Australia’s Identified Mineral Resources 2016
World leading resources and production
Australia’s geological context
• Outcrop and subcrop of limited extent (bright colours)
• Extensive regolith cover (~80 %, pale colours)
• Major mines and deposits in bedrock dominated areas
• Geological features (e.g., aeromagnetics) continue under cover
Australia is largely unexplored at depth and has
significant greenfields
potential
Source: Geoscience Australia and State/NT Geological Surveys
National innovative exploration strategy
http://www.coagenergycouncil.gov.au/publications/national-mineral-exploration-strategy-december-2012
UNCOVER
http://www.uncoverminerals.org.au/ http://www.amirainternational.com/
Best geoscientific information – free!
Analysis – mineral potential mapper Mafic-related Ni-Cu-PGE
Exploring for the Future
Increasing exploration expenditure
$-
$50
$100
$150
$200
$250
$300
$350
$400
Qua
rter
ly S
pend
(Au$
mill
ions
)
Period
Expenditure by commodity (June 2017)
Copper
Silver-Lead-Zinc
Nickel-Cobalt
Base Metals
Gold
Iron Ore
Coal
Other Minerals
Better value exploration
0
500
1000
1500
2000
2500
3000
3500
4000
$-
$200
$400
$600
$800
$1,000
$1,200
Dril
ling
by q
uart
er (1
000s
met
res)
Expe
nditu
re b
y qu
arte
r (Au
$M
illio
n)
Period
Exploration expenditure versus metres drilled (June 2017)
Expenditure
Drilling
New resource announcements & developments
Carapateena Cu Lowest quartile costs
Dugald River Zn Top 10 mine
Fosterville Au High grade ore shoots
Greenbushes Cattlin Creek
Earl Grey Mt Marion
Pilgangoora Tabba Tabba
Bynoe field
Web services
www.geoscience.gov.au
South Australia map.sarig.sa.gov.au/
Queensland minesonlinemaps.business.qld.gov.au/
Western Australia http://www.dmp.wa.gov.au/Online-Systems-1527.aspx
Tasmania www.mrt.tas.gov.au/mrt_maps/app/list/map
Northern Territory http://strike.nt.gov.au
Victoria earthresources.vic.gov.au/earth-resources/maps-reports-and- data/geovic
Australia Minerals
www.australiaminerals.gov.au http://www.ga.gov.au/data-pubs/data-compilations/ mineral-exploration-and-investment
English https://d28rz98at9flks.cloudfront.net/110628/ 110628_investors_guide.pdf
Chinese version (中文) https://d28rz98at9flks.cloudfront.net/110628/ 110628_investors_guide_chinese.pdf
Confidence to invest in Australia – prospectivity
World-class expertise
Exploration success
Unrivalled pre-competitive
information
Mineral potential
Innovation
Source: http://resources2.news.com.au; https://travel.virginaustralia.com
Vast untapped greenfield potential
Confidence to invest in Australia – support
Skilled workforce
Streamlined processes
Legal protection
Established services sector
Supportive governments
Source: http://trekforkids.com.au
Supportive investment market
Safe and secure
Australia – a minerals innovation powerhouse
For free national and regional geoscientific datasets visit:
www.geoscience.gov.au/
Source: https://upload.wikimedia.org
Base metals (Cu-Zn-Pb-Ni)
Ian Scrimgeour (Northern Territory) Anthony Yarrow (New South Wales) Baohong Hou (South Australia) Andrew McNeill (Tasmania)
Jervois
Copper in Australia 12% of global resources Second highest resources (after Chile) ~1 Mt Cu production per annum Largest deposits holsted in Gawler Craton, Mt Isa, Lachlan Fold Belt New discoveries being made, especially in Proterozoic
Zinc-lead in Australia 25% of global Zn resources 40% of global Pb resources Highest resources globally ~1.6 Mt Zn, 0.7 Mt Pb production per annum Carpentaria Zinc Belt (Mount Isa and McArthur River) is a major Proterozoic zinc province
McArthur River
Mount Isa
Century Lady Loretta
Cannington
Broken Hill
Nickel in Australia 24% of global Ni resources Highest resources globally ~250,000t Ni production per annum (4th globally) 96% of Australia’s resources in WA as both sulphide and laterite deposits
Co & Ni — prices increasing! • Current Cobalt price ~ $US 60,000 per
tonne and Nickel ~ $US11,500 per tonne • 2.76 Bt @ 0.05% Cobalt resource in WA =
1.37 Mt of contained Co in 37 deposits • WA exported 5140 t of Co in 2016 produced
as by-product of Ni mining • Most deposits are in nickel-cobalt laterites • Several Co deposits at pre-feasibility stage • More nickel is used in batteries than any
other metal! • WA is Australia’s only nickel producer • In August, BHP announced it will build
World’s largest Ni sulphate plant (used in batteries) near Perth in WA that will produce 100,000 t per year
Mining, Care & Maintenance
Scoping or feasibility
Exploration stage
Nickel mine
Cobalt resource
Northern Territory
Jervois (KGL Resources Ltd) • 30.5 Mt @ 1.1% Cu, 23.0 g/t Ag New high-grade orebody discovered: • 14m @ 8.89% Cu, 38.5g/t Ag, 0.38g/t Au • 9.4m @ 11.53% Cu, 56.6g/t Ag, 0.87 g/t Au
Teena zinc discovery (Teck Australia) Australia’s largest zinc discovery in 25 years 58 Mt @ 11.1% Zn, 1.6% Pb
McArthur Basin Contains world-class shale-hosted zinc deposits
Arunta Region Emerging base metals province with multiple copper-rich deposits
Base metals in Queensland
1. CANNINGTON (Ag, Pb, Zn) 2. DUGALD RIVER (Pb, Zn) 3. ERNEST HENRY (Cu, Au) 4. KING VOL (Zn) 5. LADY LORETTA (Pb, Zn, Ag) 6. LITTLE EVA (Cu) 7. MOUNT COLIN (Cu) 8. MOUNT ISA (Pb, Zn, Cu) 9. MUNGANA (Cu, Pb, Zn) 10. ROCKLANDS (Cu) 11. THALANGA (Zn, Pb, Cu)
Stavely Project - Copper • Located in western Victoria • Porphyry and volcanic massive sulphide mineralisation. • Early stage mineral exploration, long-term investment
opportunity. • Excellent infrastructure (highways, railways, ports).
Victoria is emerging as a new province for copper and other base metals, following the delivery of new geoscience research.
TARGET Minerals Exploration Initiative • $15 million Victorian Government initiative designed to increase investment in
exploration for copper, other base metals and gold in Victoria. • To date, 15 projects have been awarded over $3.4 million in grants across Round
1 and Round 2 of TARGET funding since 2016.
Victoria
Zinc
SOUTH AUSTRALIA Base metal mineralisation is
widespread and occurs in most geological provinces of South Australia.
6 major advanced Cu projects 3 major operating Cu mines 68% of Australia’s economically
demonstrated copper resources Hosts Olympic Dam – worlds
4th largest copper deposit
Lead Copper
COPPER PROJECT PIPELINE
New South Wales • Diverse range of copper-rich deposits including:
- Porphyry Cu–Au deposits and related skarn deposits, including the world class Cadia Au–Cu system (Cadia East and Ridgeway mines) and Northparkes
- Other base metal resources such as the Cobar-type deposits • NSW remains under explored, with a range of opportunities for new discoveries
• NSW is a major world producer of lead and zinc with significant resources • Volcanogenic Massive Sulphides (VMS) and Broken Hill Type (BHT) deposits
contain the majority of lead and zinc resources in NSW • Major deposits at Broken Hill and Woodlawn • Range of deposits with significant credits of Ag, Au and Cu • Excellent opportunities exist for the discovery of major new deposits and for
development of existing resources
Tasmania –base metals
Polymetallic VHMS • high-grade (16-22% Pb+Zn) • Large (3-55 mt) • precious metal credits (>2 g/t Au and
120 g/t Ag) VHMS Copper • “Mt Lyell” type • Au (~0.3 g/t) and Ag • REE at Prince Darwin Hydrothermal Ni • Avebury (29 mt @ 1% Ni) • Exploration potential
Granite-related veins and Carbonate-hosted • Exploration potential and advanced
projects
Tailings re-treatment opportunities (e.g., Hellyer, >9.5 mt @5.5% Pb+Zn)
Tasmania - a major tin province Production since 1887: • 422,000t tin • 50% from Renison mine Defined resources: • 528,000t contained tin • 33% at Renison mine
• More than 80% of Australia’s
economically demonstrated resources (EDR) are in Tasmania
• Multiple Projects –hard rock and alluvial
Precious metals potential in Australia
Rick Rogerson Executive Director Geological Survey of Western Australia
Minerals Investment Seminar Beijing, September 2017
Gold booms in Australia • Australia produced 290 tonnes Au in 2016/17 — 8.9% of World
production and 2nd largest producer after China. This is a 3.5% increase over 2015 and our highest production in 17 years
• Cost cutting and an average 2016/17 Australian dollar gold price of $1675 meant that producers were highly profitable and exploration increased
• Australia exported $AUD17.5 billion of gold in 2016/17. About 75% of Australian Au exports went to China and Hong Kong
China likes Australia’s gold
Au mining projects Primary Au: 85 By-product Au: 20 Total Au projects: 980 (includes all stages of exploration and Au as secondary)
Chinese-controlled primary Au projects at advanced exploration or mining stage: 43 (over 20 at mining stage)
Primary
Secondary or bi-product Chinese controlled - late exploration and mining
- early exploration stage
Mining
Scoping or feasibility
Advanced exploration
Early exploration
Ag and Pt normally by-product
• Current Ag price a challenge for development of primary Ag projects
• Two primary Ag projects at feasibility — Bowdens (NSW) and Nimbus (WA)
• Most of Australia’s PGE produced as by-product of Ni mining at Leinster in WA
• Owendale (scandium-PGE; NSW) and Succoth (Ni-PGE in West Musgrave project – WA) are the two advanced PGE projects
Mining
Scoping or feasibility
Advanced exploration
Early exploration
Ag - Silver
PGE – Platinum group elements
Don’t forget “Due Diligence” & Farmin agreements
• Technical — previous history of exploration, resources & reserves, metallurgy, mining method etc
• Legal — clear title to land and resource? Other government approvals? What contractural obligations exist etc?
• Environmental & social — what are the risks and impacts? • Financial/economic — what value (price) should we pay for an
exploration project? Is the project or company viable? Jan
2014 Jan
2015 Jan
2017 March 2017
Blue Sky Mining
granted EL
Spends total of $200,000
on EL – exploration expenditure
equals $120,000
Flibinite Resources farms-in agreeing to spend $300,000
over 2 years to earn 40% equity
Blue Sky Mining transfers 40% equity
to Flibinite Resources
Flibinite spends $300,000 over 2
years
Gold exploration and mining booming in WA
• Major discovery of coarse gold in a Proterozoic conglomerate in the Pilbara
• New gold field identified only 260km from Perth (details on next slide)
• In the last year, 4 new gold mines opened and 10 re-opened
• WA produced 196 tonnes Au in 2016 valued at $US7.9 billion — 68% of Australia’s production
• Largest producers: Boddington (Newmont) — largest Au mine in Australia Kalgoorlie Super Pit (KCGM) Telfer (Newcrest) Tropicana (Independence Group/AngloGold Ashanti) St Ives (Gold Fields)
• Many Chinese-owned mines in WA
Mining & under construction
Scoping or feasibility
Advanced exploration
Mine care & maintenance
New gold field
New gold field only 260km from Perth • Tampia Project (Gault prospect) owned by Explaurum Ltd,
an ASX-listed company. Project at feasibility stage • In high grade Archean metagabbro and granite • Resource: 11.3 Mt @ 1.91g/t = 695,000 oz Au
South Australian Copper Resources South Australian Gold Resources
28% (Aust) GOLD resources
Olympic Dam is 4th largest Au resource in the world!
Gold mineralisation is widespread and occurs in most geological provinces of South Australia.
7 Operating Au mines 7 Major developing Au projects 28% of Australia’s economically
demonstrated gold resources
Two types of primary deposits: • quartz veins (reefs or lodges) • deposits worked mainly for base
metals from which gold is obtained as a by-product, e.g. IOCG.
Secondary deposits, are derived by physical erosion or solution in groundwater from primary deposits and redeposited near the source.
Northern Territory PNX Metals – Hayes Creek project
• Gold-silver-zinc deposits next to railway, close to port
• 4.1 Mt @ 1.81 g/t Au, 124 g/t Ag, 4.35% Zn, 0.91% Pb, 0.25% Cu
• Pre-feasibility study complete • Strong greenfields prospects for polymetallic
and gold prospects
New South Wales • NSW is 2nd largest gold producer in Australia, majority sourced from porphyries • The Lachlan Orogen is a highly prospective region for porphyry copper-gold
deposits such as Cadia, Northparkes, Copper Hill and Temora districts • NSW remains under-explored with many opportunities for new discoveries
• NSW is a major world producer of silver and home of iconic silver-rich Broken Hill deposit and Endeavour, with major resources at Mt Carrington, Bowdens
• Some mines produce Ag as a significant credit along with Ag, Cu, Pb and Zn • Numerous investment opportunities in brownfield and greenfield areas
• The only sole commodity production of platinum in Australia was at Fifield • Opportunities at Broken Hill, Fifield and Owendale • Opportunity for strategic investors who have need for off-take supply
Platinum Group
Elements (PGE)
Emerging and strategic minerals
Mr Tony Knight Queensland Dr Baohong Hou South Australia Dr Andrew McNeill Tasmania Dr Rick Rogerson Western Australia
Emerging and strategic minerals What are they?
Emerging minerals – new technologies being developed around the world need a different suite of elements from the traditional more commonly mined ores
Strategic minerals – are those in critical supply around the world – with limited domestic supply
Have unique properties – light, strong, highly conductive, resilience to heat – include rare earth elements, scandium, niobium, rhenium....and others
Emerging and strategic minerals Why are they important globally?
Demand side – Global trends Increasing productivity – technology driven
Increasing resource efficiency – strong focus on emissions reductions & energy efficiency Ongoing economic development and growth
Supply side – Opportunities Increased supply of materials used in advanced technologies – medical, aerospace, automotive, engineering & electronics Increasing resource efficiency – rapid growth in demand for electricity storage (batteries) and distribution materials, hybrid and electric vehicles
Increasing global demand for energy and materials for the “digital economy”
Emerging and strategic minerals Why are they important to China?
21st Conference of Parties to the United Nations Framework Convention on Climate Change (COP21) “China will cut its CO2 emissions per unit of gross domestic product by 60-65% from 2005 levels… …increase its share of non-fossil fuels as part of its primary energy consumption to about 20% by 2030… …increase its installed capacity of wind power to 200 GW and solar power to around 100 GW” Premier Li Keqiang June 2015 (Climate pledge toward COP21)
…. “strong focus on emissions reductions & energy efficiency”
Emerging and strategic minerals Why is COP21 important?
So we can meet its targets for emissions reduction and increased use of renewable energy sources… … resulting in huge demand for “battery minerals”
Emerging and strategic minerals Lithium ion batteries transitioning • Portable electronics ⇒ Electric Vehicle and renewable energy markets • Lithium ion battery market share from 1% (1990s) ⇒ 49% (today) • Demand for lithium-ion batteries expected to x7 by 2025 • Electric Vehicles from ~1 million today ⇒ 100 million (2035) • Renewables share global power generation 20% to 40% (2035).
Battery mineral Criticality of supply
Cobalt High
Lithium High
Vanadium High
Nickel High
Manganese High
Graphite Moderate
Copper Moderate (but decreasing)
Western Australia World capital of battery metals
• Exploration and mining of lithium is booming in WA
• WA accounted for 41% of World lithium production in 2016
• A record of ~500 000 tonnes of spodumene concentrate produced in 2016
• Global average price of lithium carbonate increased 138% from US$5,731 per tonne in June 2015 to US$13,625 per tonne in June 2017
• All WA deposits are hosted by pegmatite within Archean rocks
• While brine operations are generally cheaper to operate, they involve higher up-front costs and slower start-up periods
Mining & under construction
Scoping or feasibility
Exploration stage
Western Australia The new hub of lithium downstream processing
Project Company Ore (Mt)
Grade % Li2O
Contained Li2O (Mt)
Downstream processing
Greenbushes Talison Lithium (51% Tianqi, 49% Albemarle)
119.4 2.42 2.89 Tianqi currently constructing LiOH plant near Perth; Albemarle considering Li2CO3 plant in WA
Wodgina Mineral Resources 195.8 1.18 2.32 Direct shipping of spodumene concentrate
Pilgangoora Pilbara Minerals 150.6 1.24 1.86 Direct shipping of spodumene concentrate
Mt Holland (Earl Grey)
Kidman Resources 128.0 1.44 1.84 Feasibility into lithium refinery in WA
Mt Marion Reed Industrial Minerals 77.8 1.37 1.06 Li2CO3 plant proposed for Kalgoorlie
Pilgangoora Altura Mining 42.6 1.04 0.42 Direct shipping of spodumene concentrate
Mt Cattlin Galaxy Resources 16.4 1.08 0.18 Direct shipping of spodumene concentrate
Bald Hill Alliance Mineral Assets and Tawana Resources
12.8 1.18 0.15 Direct shipping of spodumene concentrate
Lynas Find Pilbara Minerals 5.6 1.22 0.09 Exploration stage
Significant Chinese equity 749.1 10.81 Committed or planned downstream processing
Western Australia Cobalt & Nickel — more battery metals!
• Current Cobalt price ~ $US 60,000 per tonne and Nickel ~ $US11,500 per tonne
• 2.76 Bt @ 0.05% Cobalt resource in WA = 1.37 Mt of contained Co in 37 deposits
• WA exported 5140 t of Co in 2016 produced as by-product of Ni mining
• Most deposits are in nickel-cobalt laterites • Several Co deposits at pre-feasibility stage • More nickel is used in batteries than any
other metal! • WA is Australia’s only nickel producer • In August, BHP announced it will build
World’s largest Ni sulphate plant (used in batteries) near Perth in WA that will produce 100,000 t per year
Mining, Care & Maintenance
Scoping or feasibility
Exploration stage
Nickel mine
Cobalt resource
South Australia 68% of Australia’s economically demonstrated
copper resources
82% of Australia’s graphite resources
South Australia Copper Strategy
Rare earth elements
Copper Graphite 82% (AUST) Graphite resources
68% (Aust) Copper resources
Rare Earth Elements
Tasmania Tungsten & tin
Production since 1880: • 35,557t WO3 • >80% from King Island Defined resources: • 183,100 t contained WO3 • 52% in King Island deposits More than 20% of Australia’s economically demonstrated resources (EDR) are in Tasmania Minimal current production…
New South Wales
• A strong resurgence in strategic metal exploration in NSW • Reached a recent high in Q1 2017 with 40% of tenure
applications included strategic minerals as a target
• Opportunities at Broken Hill, Nyngan and Syerston • Demand driven by Li-Ion batteries in electric vehicles and battery storage • Supply currently dominated by Democratic Republic of the Congo
• Recent project approvals at the Nyngan Project and Syerston Project • NSW has large, high-grade scandium rich deposits • Emerging markets for scandium alloys in defence and aerospace industries
• Recently approved and construction ready Dubbo Zirconia Project • NSW only State with known magmatic peralkaline REO mineralisation style • Demand driven growth in new and emerging technologies • Opportunities at Dubbo, Narruburra and Broken Hill
Queensland Resources for today and tomorrow
Industrial
Energy
Technology
Zinc Copper Metallurgical coal Bauxite..and more
Thermal coal Oil and Gas CSG/LNG
Cobalt Graphite Rare earths …and many more
Carpentaria zinc province Northwest minerals province Bowen Basin Cape York
Coal - Galilee & Surat Basins Gas – Surat & Bowen Basins
Northwest minerals province Northeast minerals province Diamantina minerals province
Queensland Emerging minerals “Minerals for technology” province
– Northeast Queensland
Full range of opportunities • Exploration
• Development
• Production / Joint venture
• Off-take
Government support • Queensland exploration strategy
• Protection of resource areas
• Annual exploration land release plan
• Resources Investment Commissioner
• Free access to geoscience data
• Resources Queensland app
Queensland Technology minerals
Multiple mineral provinces
• Northwest – graphite, cobalt, copper, molybdenum, rhenium, rare earths
• Northeast – cobalt, nickel, tungsten, tin, indium, silica sand, scandium
• Diamantina – cobalt, nickel, copper, rare earths, yttrium, niobium, hafnium, zirconium, tantalum, platinum
• Developments: • Aeon Metals – Walford Creek
cobalt • Australian Mines – Sconi Project –
cobalt, nickel, scandium • Novonix – battery minerals
