Australia could see our biggest mining boom to date within the next ten years, thanks to modern technology in the automotive market that requires lithium, which we are the world’s biggest supplier of.
The world’s electric vehicle boom means that there will be a huge demand for batteries in the next ten years. Global electric vehicle sales are expected to grow from a current two million to over 50 million in less than a decade.
Australia’s resource and energy exports have hit record highs in the last year, and the Resources and Energy Quarterly Report, released this week, shows coal values are still on the increase. In a bid to maintain the export quantities for the resources sector, a push will be made in the coming years to capitalise fully on Australia’s rich deposits of lithium.
Lithium is looking to be one of Australia’s biggest exports in coming years, and with 17 per cent of the world’s lithium deposits in our possession, export quantities are expected to grow to over $1.1 billion by 2020.
It also calls for new processing refinements to enable Australian mines to sell a more valuable form of lithium. Global lithium use is forecast to reach 1.3 million tonnes by 2027, driven by the boost in electric vehicle production.
This boom over the next decade will not only benefit mining companies but due to mining royalties and state taxes, will also see benefits to everyday Australians.