Vision 2040 – Mining Technology, Policy and Market Innovation

This paper presents the results from research undertaken in the CSIRO-funded Mineral Futures Collaboration Cluster on developing a future vision for the mining and minerals industry – Vision 2040 – in which the industry proactively contributes to long-term benefit for communities and the nation. Our research finds that Australia is currently experiencing mining-led prosperity due to high commodity prices, yet underlying this are challenges for maintaining market share due to lower productivity from extracting lower grade, more remote and complex ores. Whilst much focus has been on developing new technologies for finding and processing such ores, this paper assesses these activities, together with policy and market innovations in the context of needing to strengthen social, environmental and financial capital for long-term benefit. Vision 2010 sees mining activities linked to systems that are net providers of clean water, energy and ecosystem services, rather than minimising negative impacts alone; sovereign wealth funds are used to harness current prosperity for future innovation. Using a case study in lithium and comparisons to iron/steel, coal and copper – we illustrate the opportunities for new technology, policy and market innovations to link the mining and minerals sector in Australia to more sustainable patterns of production, consumption and prosperity.