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16/04/2024
Mining News

Inclusion of Nickel in Australia’s Critical Minerals Roster Signals Strategic Recognition

Australia’s Federal Resources Minister Madeleine King has placed nickel on the Critical Minerals List, giving nickel companies opportunity to access billions of dollars in Commonwealth funding.

The Commonwealth Resources Minister has the discretion to review the Critical Minerals List at any time, and to make interim amendments if there are significant changes to technology, trade, domestic capacity, or geopolitical developments.

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Since the List was updated on 16 December 2023, six operating nickel facilities have either announced reduction in operations or gone into care and maintenance.

The decision to place nickel on the list means companies will have access to financing under the AUS$4 billion Critical Minerals Facility and critical minerals–related grant programmes such as the International Partnerships Program (AUS$40 million).

A strong resources industry is central to a strong Australian economy.

The road to net zero runs through the resources sector. Minerals such as nickel are essential to the energy transition.

Minister King said the nickel industry faces substantial structural challenges that cannot be addressed overnight.

“The international nickel price is forecast to stay relatively low through 2024, and likely for several years to come until the surplus of nickel in the market is corrected,” Minister King commented.

“In the meantime, this puts further Australian nickel operations at risk.

“Given impacts to our domestic capacity and noting the broader market developments presently unfolding in the nickel sector, I am fully convinced that we must be proactive in addressing the recent developments, including by adding nickel to the Critical Minerals List.”

Minister King added she had been progressing important discussions with international counterparts in US, Canada, and EU to ensure the high standards applied in Australian mining and production of nickel and other critical minerals are reflected in future pricing on international markets.

 

Source: Global Mining Review

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