It goes without saying that the mining industry contributes significantly to the global economy. Mining has an impact on foreign exchange, employment, regional development, and infrastructure development.
People around the world benefit from mining in many different ways including low-cost and reliable electricity. Mined materials are also needed for building homes, schools, hospitals, roads, bridges, airports and other infrastructure.
Aside from these benefits, mining also provides raw materials, minerals, and precious metals that are the foundation stone of our modern lives and irrevocably linked to the innovations that make our lives easier.
Recently, the Australian Government has approved grants worth $34 million for six critical projects with a total worth of 34 million USD that will further improve the critical minerals resources industry. This new venture will create over 500 new job opportunities.
“Australia has the potential to become a major global supplier of critical minerals and rare earths, which will be essential to help Australia and the world transition to low-emissions technology and achieve net zero emissions by 2050,” said Mineral for Resources and Northern Australia Madeleine King.
The six grant recipients are Alpha HPA, Cobalt Blue Holdings, EQ Resources, Global Advanced Metals, Lava Blue and Mineral Commodities.
Alpha HPA was able to receive a grant worth A$15.5m which will be used for the ‘HPA First’ Product Expansion Project. They are looking forward to enhancing their aluminum chemical plant that is currently under construction near Gladstone, Queensland. The company will also manufacture materials for lithium-ion batteries and synthetic sapphire markets.
Cobalt Blue Holding will receive A$15m which will help the company to accelerate a definitive feasibility study (DFS) for its Broken Hill Cobalt project. The grant will help the company undertake final engineering designs and drilling for increased resource definition which will allow it to manufacture intermediate and battery-ready cobalt products.
A$6m grant has been given to EQ Resources that will be used for the production of tungsten through mine waste recovery apart from reactivating open-pit mining in Mount Carbine, Queensland.
A$4m grant was allocated to Global Advanced Metals for the tantalum and tin recovery plant located in Western Australia.
Lava Blue will receive A$5.24m for modular re-processing technology that will be used to recover alumina, magnesium and other critical minerals from the vanadium mine waste.
Mineral Commodities will be the recipient of A$3.94m for developing an integrated graphite ore-to-battery anodes which is based in Munglinup, Western Australia.
After China, Australia is the biggest producer of rare minerals and metals in the world. The country is investing money to boost its procurement of critical minerals.
Slated for completion by the end of 2025, the integrated industrial park will include a $1bn nickel-sulfate plant, a $500m nickel-chromium alloy smelter, and a $450m lithium-salt plant, Eagle International said in a document.
Chinese firm to build metals park in Zimbabwe
With a budget of $2.83bn, the proposed plant will be processing metals such as platinum, lithium, and nickel. According to Bloomberg News, Zimbabwe has already given the Chinese investors, namely Hong Kong Eagle International Investment and Pacific Goal Investment, a green light to develop the battery-metals park. This project aims to help the economy recover.
According to Zimbabwe Deputy Mines Minister Polite Kambamura, an agreement is anticipated to be signed between Eagle International and Pacific Goal for the proposed plan.
Eagle International stated that the goals of the New Energy Special Economic Zone Industrial Park would be to develop an industrial value chain represented by new energy metals such as lithium and nickel, to increase the added value of the mineral products, and to form a new energy production base that embraced the world while being based in Africa.
The park is to be built in Mapinga (30-50km) and it will include two 300MW power plants to provide electricity for the vicinity.
Over the past few years, there has been a significant increase in investment in Zimbabwe as lithium prices continue to increase largely due to the growing shift to electric vehicles. Moreover, Chengxin Lithium Group and Sinomine Resource Group have both agreed to explore for lithium in the country. Zhejiang Huayou Cobalt is also looking at developing a 300 million USD Arcadia lithium mine in the northeastern part of Zimbabwe.
Mining equipment Industry to reach 112.9B USD by 2027
The future of the global mining equipment industry seems quite bright as the sector is expected to reach $112.9 billion by 2027 with a CAGR of 5.5% from 2022 to 2027. The major drivers for the industry are growth in mining activities apart from increasing demand for metal and mineral commodities in growing economies.
According to a Research and Markets report, the automated mining equipment market is expected to grow at a rate of 20.89% from 2021 to 2028. Asia Pacific is expected to remain the largest region for the sector due to increasing demand for coal for power generation and rising metal consumption because of large-scale infrastructure development.
Emerging trends, which will have a direct impact on industry dynamics, include underground automation systems for effective mining, automatic power crusher for crushing and compacting operations, and multi-functional excavators for construction and demining functions.
The report, entitled “Mining Equipment Market to 2027: Trends, Opportunities and Competitive Analysis”, looks at several prominent companies in the sector including Hitachi Ltd., Doosan Corporation, AB Volvo, Deere & Company, Caterpillar Inc., Komatsu Ltd., Sandvik AB, Metso Corporation, and Terex Corporation amongst others.