New economy metals include rare earth elements, lithium, cobalt, nickel, and graphite, all of which are vital for the development of technologies such as electric vehicles, renewable energy systems (solar panels, wind turbines), batteries, smartphones, and other electronic devices. 

Disruptions to the supply of these minerals can have significant impacts on national economies and security.

The supply chains for many new economy metals are concentrated in a few countries, making them vulnerable to geopolitical instability, trade restrictions, or natural disasters.

Australia has a significant focus on developing its resources of new economy minerals, recognising their importance for future economic growth.