Mining giant BHP has noted that global collaboration a significant quantum of capital would be required in order to source the critical minerals needed to drive decarbonisation. Speaking at the IEA Critical Minerals and Clean Energy Summit, BHP CEO Mike Henry said there was global recognition that the worked needed to significantly scale-up the supply of certain metals, but that the hunt for these metals were encountering some significant challenges.
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“The grade, or percentage of metal in a given volume of ore, is falling at existing operations. And this means more ore needs to be mined just to stand still. Newly discovered and developed deposits are, on average, incrementally lower grade as well. “Opportunities are being pursued in jurisdictions with less established mining industries, institutions and governance.
However, currently committed growth projects over this period only amount to around $40-billion or $50-billion today. He called on governments to provide predictability and stability to attract capital at lowest possible cost and as quickly as possible. This meant stable fiscal settings, streamlined planning and permitting processes and harmonised standards.
“Capital markets should work in a way that promotes the objective of low-cost and stable supply, and indeed uses their firepower, to enable, or to constrain, access to capital.”
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