Mining companies in the West are facing two overarching challenges in trying to produce enough metals to enable the energy transition, and at the same time build alternative supply chains to lessen their dependence on China.
There is little doubt that Australia is a country well-placed to play a major role in supplying many of the metals vital to the energy transition.
The previous models for developing mines appear no longer effective, and even if some projects do progress, they are nowhere near enough to provide enough material for the energy transition.
Michael Willoughby, global head of metals, mining and transition materials at HSBC, told a forum at IMARC that there is capital available for mining, but it's located in developing countries such as China, Indonesia and Saudi Arabia.
What's not being talked about is how all the new mines, mineral processing and renewable energy equipment is going to be funded.
Persons:
Washington Alves, Michael Willoughby, Willoughby, Miral
Organizations:
Sigma Lithium Corp, REUTERS, Rights, Reuters . Mining, Mining, Resources Conference, HSBC, Reuters, Thomson
Locations:
Itinga, Minas Gerais, Brazil, China, Sydney, Asia, Australia, CHINA, Indonesia, Saudi Arabia, New South Wales, U.S