The South Australian Government has announced that copper will be a major focus of its upcoming Critical Minerals Strategy, declaring it a critical mineral not just for the state, but for the world.
The State Government said that the strategy will be shared with key industry bodies in coming weeks for feedback and consultation.
Copper is critical for new technologies, particularly those associated with electrification, and demand for copper globally is forecast to significantly outstrip currently available supply as the world’s economies increasingly shift to electrification.
By including copper in its critical minerals strategy, the South Australian Government follows similar-minded jurisdictions such as the EU, Japan, India, China, Canada and the US, which officially added copper to its 2023 Critical Materials Assessment for the first time in August, in a historic move that reflects the growing importance of energy transition technologies.
Further underscoring copper’s importance, in the June state budget, the South Australian Government committed over $2 million funding to a new Copper Taskforce.
The Taskforce will work alongside the state’s copper producers and explorers and develop a long-term strategy to grow the state’s position as a global copper heavyweight.
The State Government has committed to continue advocating strongly for the inclusion of copper on the national Critical Minerals list.
An official federal listing would be a powerful acknowledgment of the importance of copper to global markets, providing further opportunities for investment and helping drive the exploration and development activity needed to ensure South Australia benefits from the opportunity to supply copper to the world.
South Australian Minister for Energy and Mining, Tom Koutsantonis, said that the State Government has always known copper is critical to South Australia, but is now making it official by showcasing it in the development of the critical minerals strategy.
“I look forward to sharing our strategy more broadly once we’ve given industry stakeholders the opportunity to provide feedback,” Mr Koutsantonis said.
“We will continue to advocate at a federal level for the inclusion of copper on the national critical minerals list.”
