Western Australia stands to gain 93,000 jobs and a $56 billion shot in the arm of its economy by 2025 if it expands its lithium and new energy metals sector beyond just exports.
Regional Development Australia’s Lithium Valley report outlined the impending lithium battery boom and how WA could capitalise on it by becoming a centre for processing battery minerals, making them, using them and recycling them.
The report found Australia misses out on 99.5 per cent, or $213 billion, of the potential value of its lithium assets because it doesn’t have any downstream processing like electrochemical processing, battery cell production or product assembly.
The state has plentiful lithium reserves and supplies of every other metal required for battery production like cobalt, manganese, vanadium, nickel, copper, tin and rare earths.
The report called for WA to become a ‘lithium valley’ in the same way California became a hotbed for the world’s biggest software and technology industries, known as Silicon Valley.