Premier highlights NSW’s untapped Critical Minerals potential as industry calls for efficiency and consistency

NSW Premier Chris Minns has highlighted the state's untapped critical minerals potential, with industry lauding the state's support, at the International Mining and Resources Conference (IMARC) in Sydney.

The Premier outlined the State's approach to accelerate exploration and investment and expand its role in critical minerals production and processing. He said New South Wales had significant untapped potential, with 21 of Australia's 31 critical minerals and four of its five strategic minerals, including substantial deposits of rare earths, scandium, copper, silver and cobalt, found across the state.

"I think it's generally acknowledged, and certainly my opinion, that NSW is not taking advantage of these minerals anywhere near where we could be, either to keep pace with other resource-rich countries, or to reach our full potential," Mr Minns said.

The Premier also announced a new Critical Minerals Skills Plan to encourage the next generation of engineers, tradespeople and geoscientists to pursue careers in the resources sector. He said seven critical minerals operations had started or restarted in NSW over the past two years, with four more expected to commence soon and another 46 projects progressing through the development process.

Mr Minns highlighted the importance of mining to regional communities, pointing to the NSW Government's recent intervention to protect approximately 400 direct jobs at the Mount Pleasant coal mine near Muswellbrook. He emphasised the need for government to balance the transition to renewable energy with protecting existing jobs, investment and economic opportunities.

NSW Minister for Natural Resources Courtney Houssos said NSW was focused on creating the policy settings, investment environment and partnerships to turn its mineral wealth into commercial projects.

"Success won't be just determined by the resources we have in the ground, but by our ability to create the policy settings, investment environment, and partnerships needed to bring those resources to market," Minister Houssos said.

She highlighted NSW's Critical Minerals and High-Tech Metals Strategy and the importance of giving investors, trading partners, workers and communities confidence.

Local industry welcomes stability

NSW industry speakers were upbeat about the Minns Government support, however they called for greater consistency, removal of Federal-State overlaps and for the benefits of projects to flow back to communities.

Campbell Jones, Chief Executive Officer of RZ Resources, which is based near Wentworth in Far West New South Wales, welcomed the recent period of stability and stressed the importance of certainty for investors.

"Funding exploration, development and regulatory approval is a challenge. NSW is well recognised for our expertise and low sovereign risk. We need to maintain that for the future," he said.

Nic Earner, Managing Director of Gold and Copper company Alkane Resources near Dubbo in Central-West NSW, agreed that Government needs to understand new Critical Minerals projects were more challenging than brownfields extensions.

"You need new sources of water, tailings, power and roads. You are engaged with landholders for the first time, you're doing your first cultural heritage and biodiversity work, so everything is a first."

Lawrie Conway, Managing Director & Chief Executive Officer, Evolution Mining, operating near Parkes in Central West NSW, said: "There is a lot more that can be done to simplify process, but it's positive compared to other jurisdictions. We'd certainly like to see more of the revenue that's generated for the state by the regions flow back to those regions for the infrastructure, education and health."

Chris Lauritzen, General Manager, Resource Development, Mach Energy, who operate near Muswellbrook in the Hunter Valley, credited the Government for understanding of the dynamics of regional economies. He said a key advantage is that most mines are residential, with a nexus between community and operators.

"The communities, particularly farming and mining, integrate way better than people realise. Our workforce lives locally and we have town infrastructure, local employment and procurement and funding for sports."

Stephen Galilee, CEO of the NSW Minerals Council said: "Removing duplication between state and federal jurisdictions is the holy grail. We have it in climate emissions policy in biodiversity policy, and cultural heritage. If we could address some of that duplication, we can provide more certainty in the future."

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