The 2024 Diggers and Dealers Mining Forum concluded with a mixed bag of fortunes for the Australian mining sector.
While the gold industry shone brightly, buoyed by record-high prices and robust investor confidence, other critical minerals faced headwinds.
Gold emerged as a safe-haven asset, capturing significant attention and investment.
IGO (ASX:IGO) even managed to turn nickel assets into gold through a deal with Medallion Metals (ASX:MM8) which will see its nickel assets at Forrestania converted into a gold project.
However, the challenges confronting the lithium and nickel sectors, including oversupply and declining prices, cast a shadow over the overall industry sentiment.
Former Federal Opposition leader, US ambassador and WA Governor Kim Beazley jumped into the fray to advocate for the Federal Government to subsidise the Australian rare earths industry in a bid to challenge China’s dominance.
Speaking to the media after his keynote speech he said a government investment in rare earths would pay off with the production of a single major defence asset.
“How do you make money off an aircraft carrier? An aircraft carrier costs you $13 billion. I would think what we need to do in relation to rare earths might be $2 or $3 billion,” said Mr Beazley.
The annual industry gathering underscored the dichotomy within the sector.
Gold, once again, emerged as a safe-haven asset, with record-breaking prices and investor enthusiasm dominating conversations.
However, lithium and nickel, once the darlings of the market, are grappling with oversupply, price declines, and reduced investor interest.
This has led to mine closures and job losses, casting a shadow over regional economies.
While the 2024 Diggers and Dealers Forum showcased the resilience of the gold sector, it also served as a reality check for the broader mining industry.
As the sector navigates these complex challenges, the ability to adapt and innovate will be crucial for long-term success.