Critical Minerals and High-Tech Metals Strategy 2024-35
The Critical Minerals and High-Tech Metals Strategy 2024–2035 sets out the NSW Government’s vision to drive global investment and grow the critical minerals and high-tech metals sector.
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Introduction
NSW has abundant critical mineral resources and is well-positioned to significantly contribute to increasing global demand.
Global investment in renewable energy, electric vehicles and other advanced technologies is expected to drive demand for almost all metallic minerals into the future.
NSW stands to benefit from capital investment of more than $7.6 billion, more than 2,700 ongoing jobs, and 4,600 construction jobs in regional NSW and a healthy stream of royalties if new critical minerals projects can get off the ground.
The Strategy was developed following a comprehensive consultation process that involved public submissions, targeted stakeholder engagement and a Ministerial Roundtable, attracting responses from a broad cross-sector including mining companies, industry associations, unions, environmental and community groups, research organisations, universities and individuals.
Strategic pillars
The new Strategy sets out a clear vision for NSW to be a leader in critical minerals and high-tech metals, generating economic prosperity through responsible exploration, mining, processing, recycling and advanced manufacturing.
Key features of the new Strategy include actions for:
Royalty deferral scheme
The NSW Government will defer royalties up to $250 million to help new critical minerals projects get off the ground in NSW.
The deferral will improve cashflow and investment feasibility for projects during the critical early years of operation, making it easier for them to secure finance from investors, free up capital and move forward to final investment decisions, allowing projects to move into production.
The NSW critical minerals industry is led by junior to mid-tier operators, projects have long lead times for development, and higher capital investment. This deferral demonstrates the NSW Government’s commitment to critical minerals projects and helps these operators to attract investment and get off the ground sooner.
Guidelines and eligibility criteria will be made available soon.
Priority metals
NSW has abundant critical mineral resources and is well-positioned to significantly contribute to increasing global demand.
The state has globally significant resources and 21 of the 31 nationally declared critical minerals.
The Strategy has identified five priority minerals and metals for the state: