A new report has identified 124 investment-ready critical minerals projects on home soil, but the number of new developments has risen only modestly despite global attention
A new report has identified 124 investment-ready critical minerals projects on home soil, but the number of new developments has risen only modestly despite global attention
After assessing 900 critical minerals projects across Australia, a PwC report has found 124 ‘investable’ projects sitting between resource definition and final investment decision
The tally increased by only net seven projects since 2024, with PwC outlining that material investment in critical minerals project had not yet emerged despite global demand for securing supply chains of key battery ingredients for defence and renewable technologies.
Those 124 projects – dominated by copper, nickel and lithium – do not include exploration, under-construction, processing facilities or already producing projects.
The PwC report found many of the projects struggled to attract long term, patient capital to fund definitive feasibility studies or development in the largely subdued pricing environments.
It outlined that the government-led initiatives of creating physical critical minerals stockpiles or the pricing mechanisms should mitigate price and volume risk more effectively.
PwC Australia energy, utilities and resources leader Kerryl Bradshaw said there was a valley between discovery and production.
She said recent policy interventions were designed to bridge that gap.
The US Department of War’s landmark investment in MP Materials – one of two rare earths producers ex-China – set the tone for government-intervention in the nascent sector.
The DoW set a price floor for the neodymium-praseodymium it’s planning to buy at $US110 per kilogram, about double current prices.
It forms part of the White House’s plan to establish a domestic supply chain of rare earths magnets, which have critical military weapon applications, by 2027.
The Australian government has been assessing building its own critical minerals reserve, under which it is considering setting a price floor, taking equity stakes and inking offtake agreements.
Prime Minister Anthony Albanese and US President Donald Trump shook hands on a $13 billion critical minerals pact, with several WA companies already beneficiaries.
It all came after the US-China trade war resulted in the latter imposing heavy export controls of rare earths in April, which sent some supply chains into disarray.
The critical minerals production tax incentive also comes into play in 2027, which is worth 10 per cent of processing and refining costs for Australia’s 31 critical minerals.
“Defence priorities now rival the energy transition as key drivers, and international partners are at the table with capital ready to deploy,” PwC’s Ms Bradshaw said.
“The 124 investment-ready projects we have identified represent billions of dollars in potential value and thousands of jobs.
"The gap we have seen between promise and production is an invitation, not a warning sign. This is genuinely Australia's moment, if we can match execution velocity to the opportunity in front of us."
PwC’s report found $18.7 billion worth of mining deals were orchestrated in FY25, of which gold sector deals accounted for $12.3 billion.
"Gold thrived as a safe-haven asset amid global uncertainty, capturing the majority of investment flows,” Ms Bradshaw said.
“The question now is whether the policy architecture and international partnerships in place can redirect capital toward Australia's strategic minerals opportunity," Ms Bradshaw said.
