NZ Advances Strategic Mineral Development with Critical Minerals List and Stocktake

The list and stocktake will identify the domestic and imported minerals pivotal to New Zealand’s economy that may be at risk of supply disruptions, along with potential opportunities to meet these needs domestically.

Work on a critical minerals list and a comprehensive stocktake of New Zealand’s known mineral potential is underway, aiming to enable a strategic approach to developing the country’s resources and strengthening mineral resilience, according to Resources Minister Shane Jones.

The list and stocktake will identify the domestic and imported minerals pivotal to New Zealand’s economy that may be at risk of supply disruptions, along with potential opportunities to meet these needs domestically.

“We rely on a wide range of minerals every day, often without much thought. If we suddenly couldn’t access aggregate for roads, phosphate for crops, or ironsand for steel, our economy would grind to a halt,” says Mr. Jones.

“Minerals are essential for the technology needed for the transition to clean energy. There are no wind turbines without rare earth elements or electric vehicles without lithium for batteries.”

The critical minerals list will highlight the most important minerals, excluding petroleum, that are essential to New Zealand’s economic functions and face high supply risks domestically and internationally.

“It will also explore minerals in demand by our international partners where New Zealand may be able to contribute to supply, such as minerals needed for clean technologies, thereby contributing to global efforts to diversify and stabilize mineral supply.”

The Ministry of Business, Innovation and Employment (MBIE) has contracted natural resources consultancy Wood Mackenzie to develop the list, with plans to consult on a draft by the end of the year.

“The next foundational step for strategic resource development is a comprehensive understanding of what minerals we have in the ground and where they are likely to be found,” Mr. Jones states.

“We’ve known for decades that we have a vast minerals estate, but technical data often sits in isolation or across different agencies, without a unified national perspective. A consolidated understanding would attract investment into our mining sector.”

To achieve this, MBIE has commissioned GNS Science to develop a specialist geological report on New Zealand’s potential onshore and offshore mineral endowment. This report will integrate extensive mineral deposit research, geological, geochemical, and geophysical studies, and GIS-based mineral prospectivity mapping.

The Coalition Government has indicated a significant role for minerals in New Zealand’s export-led economic recovery and is committed to utilizing and leveraging mineral resources for the benefit of all New Zealanders.

“This initiative aims to focus on the right minerals at the right time in the right places, changing the prevailing mindset about mining. It’s not just about extraction but also about addressing our mineral needs, seizing economic opportunities, and delivering benefits to our environment and communities,” Mr. Jones says.

Consultation on a draft Minerals Strategy for New Zealand closes on 31 July 2024. Both the list and the study are key deliverables of the strategy, supporting a strategic, long-term approach to mining.