Australian Mineral Exploration Review

Question: Describe about the Report for Australian Mineral Exploration Review. Answer: Introduction: Australia is known for having ample amount of natural resources in the world. It is the significant exporter of minerals by producing 19 minerals from approximately its four hundred operating mines. Country has the presence of minerals across all states. Australian minerals are an important asset for the economy, contributing its ten per cent of gross domestic product (GDP) 2012-13. Its mining activities not only help to accumulate the money by exporting its mineral across countries but also help to generate employment opportunities in the country. Around 266000 people directly employed through mining industry (Australian Bureau of Statistics June 2012). Body: As per the Bureau of Resources and Energy Economics (BREE), Australia is largest mineral exporter, exported (excluding oil and gas) worth around $107 billion for the year of 2012-13. This export accounts for 59% of goods and services and 71% of merchandise exports. Countrys largest exporter for minerals and metals are China, Japan, South Korea and India. Some minerals like Nickel, LNG, and Garnet are found only in western part of Australia. Following table shows its mineral production by regions. Selected Australias regions commodities relative to world production ending 2014 Commodity Western Australia Rest of Australia Rest of World Zircon 11% 47% 42% Salt 5% 1% 94% Rutile 5% 57% 38% Nickel 8% 0% 92% LNG 6% 0% 93% Iron ore 37% 2% 61% Ilmenite 5% 11% 84% Gold 6% 3% 91% Garnet 17% 0% 83% Diamonds 14% 1% 84% Alumina 13% 6% 81% Source: DMP, BREE, Energy Quest and USGS Though Australia occupied a significant position in world for its mineral production, fails to contribute the largest Rare Earth Elements (REE).The largest (REE) Rare Earth Elements, deposit is found in China a place called Bayan Obo. It contributes around 48 million tons of rare earth oxides out of the worlds total share of 95.27 million tons. Australias has its share of rare earth oxides (REO) to worlds economic resources is at 1.65 million tons. Until 1995 Australia was the lead producer of rare earth oxides. This rare earth oxides extraction is basically from monazite (a byproduct of heavy mineral like rutile, zircon and sand mining for ilmenite). Historically, Australia was the significant exporter of monazite. This monazite is basically come from heavy mineral sands mine. During 1952 to 1995 the export of monazite was around 265 kilotons. Rare earths consist of group of 15 elements which have atomic numbers ranging from 57 to 71 (holmium, lanthanum, promethium, samarium, gadoli nium, europium, lutetium, terbium, dysprosium, erbium, neodymium thulium, ytterbium, cerium and praseodymium,). The larger demand for rare earth oxides is attributed due to future expansion in hybrid transport vehicles followed by petroleum, glass, polishing and other electronic machineries. Europium and terbium which are known for its precious value, small in their volume are used in the production of phosphors. This is widely used for televisions and energy efficient light purpose globally. Currently there is no rare earth production in Australia, mining started in 2007 at the Mount Weld deposit situated in the region of Western Australia, resultant outcome 98,000 cubic meters of ore being accumulated expecting its ending of a concentration plant at the mining site. The accumulation will be exported to an innovative materials plant that is built in Malaysia. There is one rare earth oxides extraction project going on in Western Australia and feasible research undertaken in some par t of Australia like the Northern Territory and New South Wales. We can expect that the country becomes a rare earth oxides exporter once again in future. The production for rare earths started at small scale in Australia. It is located at Byron Bay in New South Wales. A small amount of monazite is processed to produce cerium oxide which is useful for glass polishing. In the year 1969, Port Pirie (in South Australia) was known for its production of various compounds like cerium, lanthanum, yttrium and thorium, stopped its operations in 1972. Past decades have seen strong growth registered in favor of rare earths. This demand for rare earths is because of emerging technology and its application used in the field of glass, polishing, metal alloys and magnets sectors. It accounts 80% of the total market demand of 124,000 tons of rare earth oxides (REO). Australian Mineral Exploration Review and Australias Identified Mineral Resources annually review the highlight of mineral exploration (including rare earth oxides). Conclusion: In spite of having richness of mineral resources, Australias economic performance has been impugned. During the nineteenth century Australia was the leading producer of rare earth oxides but it was an incompetent in other minerals, mainly bauxite, coal, and iron ore. A country like Australia which has strong mining sector, why this has been so? The factor may be its small population. Australia has small population to its area and adverse climatic condition, desert regions always the reason for discouragement to the labor mobility across globe. Its adding a pressure on its old demographic generation. Recent researches have emphasized that countries which have abundance of natural resource (particularly minerals) has adverse consequences for economic growth (Gavin Wright and Jesse Czelusta, October 2003). References: Australian Mineral Exploration Review, https://www.ga.gov.au/cedda/publications/1200 Australias Identified Mineral Resources, https://www.ga.gov.au/scientific-topics/minerals/mineral-resources/aimr Australian Bureau of Statistics, https://www.abs.gov.au/ Arafura Resources Ltd, 2012. Australian uranium and rare earths conference 2013 16-17 July 2013, Fremantle, 15 pp. Blainey, Geoffrey (1993). The Rush That Never Ended: A History of Australian Mining. Barrie, J., 1965. Rare Earths, In: McLeod, I.R. (editor), Australian Mineral Industry: The Mineral Deposits. Bureau of Mineral Resources, Australia, Bulletin 72, 515521. Crossland Uranium Resources Ltd. 2012. Announcement to the Australian Securities Exchange 5 April 2012, 3pp. Hoatson, D.M., Jaireth, S. and Miezitis, Y., 2011. The major rare-earth-element deposits of Australia: geological setting, exploration, and resources. Geoscience Australia, 204 pp. Maxwell, Philip (2006), Trade in minerals, in Philip Maxwell, ed., Australian Mineral Economics: A Survey of Important Issues, Carlton, Australia, The Australasian Institute of Mining Metallurgy, pp. 27-34. Wright Gavin and Czelusta Jesse, Mineral Resources and Economic Development, https://www.researchgate.net/publication/251288393_Mineral_Resources_and_Economic_Development