The Victorian Critical Minerals Roadmap 2024 outlines the Victorian Government’s vision and strategy for establishing a globally significant critical minerals industry. Critical minerals are essential for renewable energy infrastructure, advanced technologies, and sustainable economic development. These materials are vital for manufacturing wind turbines, electric vehicles, and semiconductors. It is estimated that demand for critical minerals will grow sixfold by 2040 and global mining investment will reach $2.5 trillion representing over 3 billion tonnes of metal.

Victoria has significant deposits of critical minerals, including titanium, zirconium, and rare-earth elements in the northwest of the State. Victoria also has Australia’s only operational antimony mine. The State has committed to achieving net-zero emissions by 2045 and the roadmap supports this strategy while fostering economic and social benefits for regional communities and Traditional Owners. Victoria also has positioned itself as having strong environmental, social, and governance standards which enable it to be a potential leader in ethically sourced minerals.

Key opportunities and challenges

Victoria’s compact geography, infrastructure, and skilled workforce provide advantages for creating integrated mine-to-manufacture supply chains. The development of the critical minerals industry could create up to 7,000 jobs in northwest Victoria, boost regional economies, and secure royalties for the State. It also provides opportunities for young people to work in high-tech jobs while contributing to global net-zero goals.
Challenges for the critical minerals industry include competing land uses, environmental considerations, and proximity to communities. Victoria’s focus on low-impact mining practices, including small-footprint operations and effective land rehabilitation will ensure the environmental impact is minimised. Successful trials, such as the Avonbank mineral sands project, demonstrate the State’s ability to restore mined land to its original use with minimal disruption. Early engagement and transparent regulatory pathways are also crucial to addressing the anticipated challenges.

Vision for the Critical Minerals Industry

The Roadmap envisions Victoria as a leader in the ethical production of critical minerals, delivering:
1. Timely project approvals;
2. Significant economic and social benefits for regional communities;
3. Environmental responsibility;
4. Opportunities for downstream industries; and
5. Strong partnerships with Traditional Owners and local communities.

Four themes have been identified to deliver this vision over the next 12 months.

1. Mapping the opportunities: Critical Minerals Priority Development Zones will be established based on advanced geoscience mapping. Led by Resources Victoria, a Whole of Government Critical Minerals Taskforce has been established to coordinate and guide policy actions within the Priority Zones;
2. Modernised regulatory regime: A Critical Minerals Coordination Office will be established to reduce approval timelines. This will leverage the work of the Resources Victoria Approvals Coordination but have specific focus on critical minerals. A duty-based regulatory framework for exploration, mining and extractive industries will also come into effect under the Mineral Resources (Sustainable Development) Act 2023 in 2027. The Roadmap also highlights the need to improve the environment effects statement process under the Environment Effects Act 1978 (Vic) with a streamlined process that should reduce approval timeframes and costs significantly;
3. Production and processing: Opportunities to enable downstream processing and advanced manufacturing will be explored. This may include urban mining like recycling e-waste such as batteries and solar panels. Supply chain prospects will also be assessed in collaboration with the Federal Government and other States. A Critical Minerals Advisory Group will be established to advise on the downstream industry and supply chain opportunities;
4. Sharing the benefits of Victoria’s minerals: The Government is committed to embedding Traditional Owner self-determination in project planning and decision-making. This includes co-designing benefit-sharing models with Traditional Owners and local communities to ensure equitable outcomes. This approach will also ensure alignment with Treaty negotiations and Aboriginal cultural heritage protections. In addition, the Roadmap considers workforce development through partnerships with industry and education providers to create skilled local jobs.

The Victorian Critical Minerals Roadmap 2024 marks a significant step towards positioning Victoria as a leader in the ethical and sustainable development of critical minerals. Through strategic planning, community engagement, and responsible mining practices, the State aims to deliver long-term social, environmental, and economic benefits, ensuring that all Victorians share in the opportunities presented by the energy transition