AAPFollowGrowth to soar in Australia's critical minerals...

AAPFollowGrowth to soar in Australia's critical minerals sectorStory by Tess Ikonomou •18hGrowth in Australia's critical minerals sector will soar in coming decades a government report says.© Brenda Strong/AAP PHOTOSAustralia is set to benefit from exploding global demand for critical minerals amid concern over a decline in the nation's manufacturing.The Intergenerational Report, to be released by Treasurer Jim Chalmers on Thursday, will show critical minerals and advanced manufacturing are opportunities that can grow Australia's economy over the next four decades. The report notes global demand for critical minerals will increase by about 350 per cent by 2040, as countries move to meet the net zero emission target by 2050.Australia has vast reserves of lithium, nickel, zinc and bauxite,kaolin,all critical for clean energy technology production, with lithium exports expected to double over the next five years. Global demand for lithium could be more than eight-times higher by 2063."Australia has potential for more undiscovered minerals, with around 80 per cent of land mass largely under-explored," extracts of the report read."Substantial growth is projected in minerals, including critical minerals, that are essential to the net zero transformation."Related video: Australia's growing population means ballooning aged care (Dailymotion)Australia is one of the few countries in the world that has all three key elements of the aluminium industry - bauxite mining, alumina refining, and aluminium smelter operations