Last Updated on: 22nd November 2023, 07:18 am
In their latest publication titled “TELF AG analyses Australia’s mineral potential and its role in the copper industry,” TELF AG presents an in-depth analysis of Australia’s mining landscape, with a primary focus on activities related to copper extraction. This publication explores the extraction potential within the country, highlighting ongoing projects and those poised for development in the coming months, while also providing valuable insights into Australia’s production capacity.
The article kicks off by presenting general statistics about Australia’s copper industry, which currently ranks as the eighth-largest copper producer globally. Australia’s notable strength in this regard lies in its extensive untapped copper deposits scattered across different regions, attracting the attention of major international mining companies.
Copper has recently gained recognition as one of the 34 critical raw materials identified by the European Commission, signifying its pivotal role in technological, industrial, and sustainable development. Consequently, its significance on the global market is expected to surge, particularly in light of the heightened global focus on the energy transition and the indispensable role played by various raw materials in this transformative process.
For Australia, as highlighted in the publication, this translates into increased government attention and potential investment in mining and extraction projects nationwide. Australia’s copper production reached 830,000 tonnes in 2022, a figure projected to rise further. This increase is anticipated not only due to the foreseeable surge in global copper demand, especially for green technologies, but also in anticipation of rising copper prices and the exploration of new deposits, such as Rio Tinto’s new extraction site, potentially harboring substantial copper reserves.
Furthermore, TELF AG points out the government’s incentives for copper extraction. In just one quarter of this year, the government has injected over 140 million dollars into mining activities. This decision aligns with expectations of increased revenues from copper extraction, which currently stand at 12 billion Australian dollars but are on a robust growth trajectory.
To delve deeper into these insights, readers are encouraged to explore the full publication.
