In a time of purported market softness, Western Australian lithium exports are predicted to soar from $5 billion to $19Bn this financial year and remain aloft for at least the next half-decade.
It is a timely shift into future-facing commodities, displacing out-of-favour coal and acting as a handy offset to iron ore inextricably knotted to Chinese steel production.
The latest Resources and Energy Quarterly from the Department of Industry, Science and Resources estimates $2 trillion in resource and energy exports in the next six years, pumping billions into the local economy.
“Australia has resources that are central to the global energy transition. Exports of critical minerals, such as lithium, are expected to increase strongly as revenue from coal exports declines — Resources Energy Quarterly
The forecast highlights Australia’s exceptionalism as it feeds the furnace of a global energy transition,” according to Resources Minister Madeleine King.
Base metals and critical minerals such as lithium are crucial components of clean-energy technologies such as batteries, solar panels and wind turbines, which will help the world lower emissions and meet net-zero commitments,” Ms King said.
The report found that lithium and base metals will equal that of combined thermal and metallurgical coal exports as the global energy paradigm turns by 2027.
Anthe unbridled potential remains for Western Australia to swim downstream of its abundance, with calls firm that the time is now to leverage world-leading status in raw production into a multi-billion-dollar battery industry.
