Australia-Latin America Business Council Mining Dinner 2024 keynote address

I acknowledge the Traditional custodians of the lands on which we meet, the Gadigal people of the Eora Nation, and I pay my respects to their Elders, past and present.

[Acknowledgments at end]

Let me start with the big picture.

We are now almost two and a half decades into this century – what the demographers call the span of one generation.

By the time we reach the midpoint of this century, 2050—in other words, by the time children born now begin to have children – we have signed-up to achieve a state-of-affairs the planet hasn’t seen for roughly the past ten generations…

…since, arguably, before the start of the Industrial Revolution in 1760.

That’s Net Zero.

Achieving Net Zero by 2050 is now nothing less than existential for our planet.

There’s evidence of that everywhere you look these days, whether you’re talking about wildfires in the Amazon or vicious hurricanes in the Atlantic and the Pacific.

So, decarbonising the global economy has never been more urgent nor more crucial.

In this context, Australia and Latin America have a big role to play.

At the international level, our governments have hosted a number of engagements this year…

…APEC in Peru—an economic meeting with implications for environmental policy, like regulating green hydrogen…

…the Global Nature Positive Summit held earlier this month by Australia’s Environment Minister Tanya Plibersek…

…and the Biodiversity Summit taking place right now in Colombia.

And, of course, Brazil will host G20 in November and the COP30 Climate Summit next year…

…and Australia is bidding to co-host COP31 in partnership with the Pacific in 2026.

Nevertheless, it’s not only the governments of Latin America and Australia that play a part.

Our mining sectors have a massive role to play too.

We are not going to reach Net Zero without a committed and sustainable mining sector.

We are not going to reach Net Zero without investment, engineering and innovation.

We saw, a few moments ago, a great example of Aussie innovation in that video from ISG Pit-to-Ship Solutions.

These processes have been revolutionary for the industry.

Because not only are you optimising your value chain, you're making it more efficient, more environmentally-friendly and less energy-intensive.

So, when this Australian Government thinks about mining, we’re thinking about innovation, about jobs, about training and about growth.

We’re proud of our mining industry and what it represents—Australian ingenuity and Australian innovation.

As the Federal Resources Minister Madeline King said last month

'No government in recent memory has put the resources industry at the centre of its policy making in the way the Albanese Government has.'

We have the Critical Minerals Strategy.

We have a Future Made in Australia.

We are introducing a Critical Minerals Production Tax Incentive.

This Government is proud to support the Australian mining sector, which has a well-known global reputation for its high standards when it comes to corporate responsibility and ESG [environment, social and governance].

In many parts of Latin America, Australian mining companies have had long and productive partnerships.

In Chile, investment is a key pillar in our strong bilateral relationship, where we have long collaborated across the breadth of the mining and METS [mining equipment, technology and services] sectors for decades.

Examples of which include:

• our cutting-edge R&D collaboration through the UQ Sustainable Minerals Institute’s International Centre of Excellence in Chile
• Australian investment in the world’s most productive copper mines
• and even cooperation at the most testing of times – such as helping the rescue of the 33 miners in 2010.

In addition to all that, there is still growing interest from Australian companies to invest in Chile—to build on our significant investments in copper and the METS sector.

Our investments ties are similarly strong in Peru.

Ministers Mucho and Arista, I want to acknowledge—and I hope you would agree—that Australia’s relationship with Peru has been growing substantively.

That relationship has been based on strong trade ties, deep investment from the Australian business community, and longstanding people-to-people links.

Since 2020, our Peru-Australia Free Trade Agreement has helped grow our bilateral trade to $589 million [in 2023].

And Australian investment in Peru is $1.4 billion.

We are a major investor in Peru’s mining sector, with significant investments in mines and the METS sector.

Some of Australia’s most iconic companies operate in Peru, including BHP, Rio Tinto, Ausquest, Ausenco, Orica, Worley, Bradken, and Hoffman Engineering.

Prime Minister, I’m proud to say that around 100 Australian companies contribute to the entire mining supply chain in Peru, whether that’s in exploration and development, or safety and community relations.

I’m pleased to see that Australian companies are not only invested in Peru’s future, but invested for the long-run.

I hope your visit here paves the way for new investment and new opportunities between Australia and Peru.

As Assistant Foreign Minister, I also know that Australia’s ties to Latin America are not limited to our investments.

Less tangible, but no less important, is the relationships and goodwill we’ve nurtured over the years.

Our Embassy in Lima has run a program where we sent 30 Peruvian mining experts to Australia to learn about how the mining sector contributed to the development of First Nations communities.

The experiences of visitors and students have also been defining features of Australia-LATAM bilateral relationships.

Latin America remains one of the most popular destinations for younger Australians.

If you were to run a poll, I’d be willing to bet Latin America would poll as the “coolest” destination (or whatever word the young people are using these days; I’ll ask my kids).

And for young Latin Americans—from Argentina to Ecuador, from Brazil to Colombia—Australia has always been a popular place to study, and a popular destination for Work and Holiday visitors.

Through such exchanges we can together support the next cohort of mining and METS sector talent.

Critical to the success of our people and our economies.

All this is to say, that the opportunities for collaboration between Australia and Latin America are endless.

We need to continue working together…

…on research and development…

…on mining and METS…

…on people-to-people and technical exchanges...

…to ensure we take advantage of what we’ve built together—take advantage of all we’ve achieved so far…

…to support sustainable mining and the critical role it will play in driving forward the planet’s energy transition for future generations.

It’s my hope—in fact, my expectation—that we succeed in that endeavour.

Thank you.

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Acknowledgments

• Minister for Energy and Mines of Peru, Rómulo Mucho
• Minister for Economy & Finance of Peru, José Arista Arbildo
• Your Excellencies, Ambassadors and Chargés
• Distinguished Vice Ministers and visiting senior officials
• Distinguished members of the Latin American business community