Reported by Luke 2020-3-6

The country's key mineral resources have surged, according to data released by GA Geoscience Australia at the PDAC conference in Toronto.

In 2018, Australian tantalum resources grew 79 percent, lithium 68 percent, platinum group and rare earth metals both grew 26 percent, potassium 24 percent, vanadium 17 percent and cobalt 11 percent.

GA believes that the main reason for the increase in resources is the increase in demand and the rise in new discoveries

Keith Pitt, the federal minister for resources, water and northern Australia, said the key minerals were needed to make mobile phones, liquid crystal displays, chips, magnets, batteries and other emerging technologies that drive economic and technological progress.

However, Australia's diamond, bauxite and phosphorus resources declined.

At the 2018 production rate, Australian coal, uranium, nickel, cobalt, tantalum, rare earth and ore have mining lives of more than 100 years, while iron ore, copper, bauxite, lead, tin, lithium, silver and platinum group metals have mining lives of 50-100 years. The mining life of manganese, antimony, gold and diamond is less than 50 years.

AIMR (Australia's Identified Mineral Resources) is one of several publications distributed by the government in PDAC.

At the PDAC conference earlier this week, GA signed a partnership agreement with the geological survey of Canada on behalf of the Australian government to study Australia's mineral potential, Pitt said. In 2019, GA and the U.S. geological survey also signed a cooperative agreement for key mineral research. Within Australia, the CMFO(Critical Minerals Facilitation Office) will support investment, financing and market access for key mineral projects. This will provide jobs for thousands of future Australians in trade and manufacturing.