New economy minerals
New economy minerals (sometimes referred to as critical minerals) are a range of metals and minerals used in many emerging technologies including electric vehicles, renewable energy products, low-emission power sources, consumer devices, and products for the medical, defence and scientific research sectors.
The world is rapidly embracing these emerging technologies, leading to an increase in demand for new economy minerals. The demand can exceed existing global resource production, so as manufacturers and industries to seek secure predictable supplies into the future, trading prices are increased, creating a ‘new economy’ for the metal or minerals.
In order to develop new economy minerals projects, the government is investing in exploration activities to improve scientific understanding and supply the valuable geoscience data needed by industry to help locate and define deposits for future production.
Last updated 13 October 2021