Australia risks losing its leading position in critical and rare minerals essential for clean energy technologies unless it fully embraces artificial intelligence (AI) in the mining sector, according to new research from Monash University and the University of Tasmania.
In a study published in Nature Communications, researchers argue that AI has the potential to revolutionise the mining of copper, lithium, nickel, zinc, cobalt, and rare earth minerals — all crucial components in clean energy technologies.
Australia is uniquely positioned to benefit from this technological shift, given its vast mineral reserves and current production leadership in several key resources.
Professor Russell Smyth from Monash University emphasised the transformative potential of AI in mining: “With the right policies and technological advancements, AI has the potential to transform the mining industry, making it more efficient, cost-effective, less risky, and environmentally friendly.”
The researchers highlight that AI could significantly improve various aspects of mining operations, including mineral mapping, mine life calculation, and overall productivity.
Additionally, AI can help reduce investment risks by forecasting potential cost overruns and optimising equipment maintenance.
The study also introduces the concept of a “back-ended risk premium” associated with critical mineral projects, particularly those involving lithium and cobalt.
Associate Professor Joaquin Vespignani from the University of Tasmania explains that this premium increases capital costs and may potentially reduce sector investment.
However, the researchers suggest that AI could mitigate this risk by shortening project durations and reducing associated risks.
They argue that government investment in AI mining technologies and research is crucial to ensure a cost-effective clean energy transition.
The urgency of embracing AI in mining is underscored by the International Energy Agency’s estimates.
To achieve global net-zero emissions by 2050, investments of US$360-450 billion will be necessary by 2030, with a potential shortfall of up to US$230 billion.
This gap could significantly impede decarbonisation efforts if not addressed.
As the world races towards a clean energy future, Australia’s mining sector stands at a critical juncture.
By leveraging AI technologies, the country has the opportunity to not only maintain its competitive edge in critical minerals but also to play a pivotal role in facilitating the global transition to sustainable energy sources.
