Australia
green mining market is anticipated to witness a growth of steady CAGR during
the forecast period, 2024-2028. Compared to traditional mining, this includes
less power usage, less maintenance, and lower environmental emissions. The
market for green mining in Australia is predicted to grow over the coming years
because of escalating environmental concerns, climatic changes, and their
effects on the mining sector.
According
to projections, the green mining business would increase from a predictable
investment 10.39 billion dollars in 2021 to approximately 19 billion dollars
globally by 2029. More sustainable solutions are needed as environmental rules
affect the global mining industry day by day.
Green
mining is an important concept owing to the various effects on environment
caused by the extraction process used for the extraction of minerals. It refers
to the employment of diverse mine methods, best practices, and technologies,
which are applied in the industry to mitigate the harmful effects on the
environment generated due to extraction. The mining sector is crucial for
ensuring the long-term viability of global development.
Growing
Focus on Eco-friendly and Sustainable Practices in the Mining Industry to Curb
Environmental Concerns
Several
methods are used to extract ores, seriously endangering the environment. Mining
operations are not sustainable, and the problems they cause have not yet been
fully controlled. Therefore, implementing green mining technology helps in
achieving sustainable development and controlling problems to the maximum
extent. The mining industry is seeking to address the troubling issue of
constant supply as the cost of energy, especially electricity, has climbed rapidly.
Declining ore grades, resource intensity, and the quantity of waste produced
per unit of resource are only a few examples of the variables that will
continue to make the industry's expansion difficult as the accompanying
environmental costs climb. Mining businesses are gradually beginning to
integrate innovative and environment-friendly technology, such as power
reduction and the use of renewable energy (solar/wind), to promote
environmental preservation and monitor safety risks.
Rising
Use of Solar Energy to Lower Environmental Risks
Resources
that regenerate over time are used to provide renewable energy, often known as
green energy. The most popular renewable energy sources used in the mining
sector include wind, solar, biodiesel, geothermal, hydropower, hydrogen, and
fuel cells. Since it is a cost-effective solution, miners use renewable energy
to crush, mine, and process minerals. Solar energy uses the sun's beams to
generate concentrated solar power (CSP) or photovoltaic power (PV), two of the
most environment-friendly energy production methods. Solar energy production
does not result in environmental issues associated with nuclear power, water
pollution, nitrogen oxides, or other hazardous consequences. Additionally,
solar energy is more affordable. Renewable energy sources not only lessen the
effects of pollution but also guarantee that new mining technology is used
ethically. With less expensive mining operations, more chances for engineers to
work, fewer greenhouse gas emissions, support for sustainable development, and
better energy efficiency on mine sites, renewable energy technology is
enhancing the mining sector.
By
generating minerals, precious materials, and jobs, the mining industry
contributes significantly to the industrial and social growth of a nation.
However, the mining sector faces issues that in the eyes of the public,
necessitate a thorough evaluation of its operations to continue. High energy
use in mining, pollution of the environment, and land degradation are issues
facing in the mining sector. Developed nations have successfully dealt with
these issues in this regard by utilizing clean and renewable energies. In many
instances, installing a solar power plant at the mine site or nearby areas
might be seen as an effective strategy to talk about mining after the mining
activities have been over, in addition to providing electricity to the mines. A
case study of a gold mine's power use is presented after that, and solutions
for its financial justification are then examined. Study demonstrates how
employing renewable solar energy lowers mining costs, consumes less fossil
fuel, and lessens environmental impact. It is an important step toward
transforming the mining sector into a green industry.
Closing
of Illegal Mining Drives Market Growth
The
Australia green mining market is growing due to the closure of banned and
unregulated mines that seriously harm both the environment and human health.
Additionally, the first mine remediation effort started in 2020, and by 2030,
all techniques are expected to be in use. Illegal mining ought to be stopped,
and enacting laws will lessen the impact of mining on the environment. There
will be a reduction in air emissions and wastewater. Mines that have been
closed will be recovered by the neighborhood.
Authorities
in Queensland, Australia, are looking into allegations of illegal mining at the
New Acland coal mine owned by New Hope Corp. Ltd. According to the article, the
Queensland Department of Environment and Science has begun its own inquiry into
the matter in addition to the one being conducted by Australian Federal
Environment Minister Sussan Ley. According to some reports, New Acland is
accused of mining coal worth USD 500 million in West Pit, which is located
within its mining lease but is reportedly outside the mine area that it had
requested under stage two of the project.
Increasing
Demand for Eco-Friendly Mining Practices Drives Market Growth
The
demand for green mining has increased as a result of the negative environmental
effects of mining, including acid mine drainage, rising carbon footprints, soil
contamination, water pollution, and other issues. Additionally, beginning an
in-situ leaching mine is expected to cost USD 25–35 million in 2016, as opposed
to USD 500 million for a normal open-pit mine, according to reports from the
Massachusetts Institute of Technology. According to the findings, 26 of the 37
plans in use by the state's public health engineering department were
determined to be too acidic for human consumption.
Recent
Development
- The
miner's USD 8.2 billion offer for OZ Minerals would enable it to increase
nickel smelting in Western Australia and consolidate the output of three
South Australian copper mines, resulting in scaled-up centers for the
metals of the upcoming electrical age.
- To
provide resources for the "green energy transition," which the
Paris Agreement (2015) mandates must take place to prevent dangerously
high levels of global warming, Australia is at the forefront of a mining
boom. As mining projects are hurried through to satisfy industry demands,
consequences on already strained landscapes and communities in Australia
and throughout the world are set to worsen significantly.
- Rio
Tinto paid USD 825 million in March 2022 to acquire the Rincon Lithium
Project, a sizable, undeveloped lithium brine proposal in the Salta
Province, to seize this enormous value opportunity. Rincon will give Rio
Tinto exposure to battery materials on a worldwide scale.
Download Free Sample Report
Market
Segmentation
The
Australia green mining market can be segmented by mining type and technology.
Based on mining type, the market is bifurcated into surface and underground.
Based on technology, the market is bifurcated into power reduction, fuel and
maintenance reduction, toxicity reduction, emission reduction, and water
reduction.
Market
Players
Vale
S.A, BHP Group Limited, Anglo-American Australia Limited, Rio Tinto, Dundee
Precious Metals Inc., Glencore Australia, Tata Steel International
Ltd/Australia, and Freeport-McMoRan are some of the leading players operating
in the Australia Green Mining Market.
|
Attribute
|
Details
|
|
Base
Year
|
2022
|
|
Historic
Data
|
2018 – 2021
|
|
Estimated
Year
|
2023
|
|
Forecast
Period
|
2024 – 2028
|
|
Quantitative
Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
|
|
Report
Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
|
Mining Type
Technology
Region
|
|
Regional
Scope
|
New
South Wales, Victoria, Queensland, Western Australia, South Australia,
Tasmania, and Northern Territory
|
|
Key
companies profiled
|
Vale S.A, BHP Group Limited, Anglo-American Australia Limited,
Rio Tinto, Dundee Precious Metals Inc., Glencore Australia, Tata Steel
International Ltd/Australia, and Freeport-McMoRan
|
|
Customization
scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery
Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report
Scope:
In
this report, the Australia green mining market has been segmented into the
following categories, in addition to the industry trends which have also been
detailed below:
- Australia
Green Mining Market, By Mining Type:
- Australia
Green Mining Market, By Technology:
- Power
Reduction
- Fuel
and Maintenance Reduction
- Toxicity
Reduction
- Emission
Reduction
- Water
Reduction
- Australia
Green Mining Market, By Region:
- New
South Wales
- Victoria
- Queensland
- Western
Australia
- South
Australia
- Tasmania
- Northern
Territory
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Australia green mining market.
Available
Customizations:
With
the given market data, TechSci Research offers customizations according to a
company’s specific needs. The following customization options are available for
the report:
Company
Information
- Detailed
analysis and profiling of additional market players (up to five).
Australia
Green Mining Market is an upcoming report to be released soon. If you wish an
early delivery of this report or want to confirm the date of release, please
contact us at [email protected]