China's stranglehold on the production of critical minerals must weaken for the world to power the energy transformation.
Headlining the final day of the World Mining Congress, Treasurer Jim Chalmers said mining had been a "force for good" in Australia and would become an even bigger source of strength as it pushed into processing raw commodities.
"We have what the world needs when the world needs it," he said in Brisbane on Thursday.
"There's no net-zero transformation without critical minerals."
More than 3500 delegates from 70 countries have debated how to lessen the footprint of the industry, even as mining intensifies, and what technology is needed to boost production and safety.
Dr Chalmers said the domination of China for every critical mineral and rare earth would not lead to the strong and secure supply chains the world needed.
He said Australia's strategy did not amount to protectionism, despite concerns about wealthy countries teaming up and depriving poorer nations of cleaner development.
"None of what we're doing involves shutting the world out - it's about finding new ways to partner and co-operate," Dr Chalmers said.
"Critical minerals are one of the reasons I'm so optimistic about the future of mining in this country."
During the four-day event, industry groups have called for faster approvals, flexible labour laws and less duplication of red tape across state and federal lines to get the desired expansion of critical minerals.
A shift into refining and battery manufacturing will not happen without government support, tax changes and more coordination, they warn.
Power, water and transport infrastructure must also align with new mines and processing plants.
There was a massive difference between the requirements of a conventional car and an electric car, chief scientist Cathy Foley said.
A single electric car requires a cocktail of minerals such as copper, manganese, nickel, cobalt and graphite.
To meet Australia's climate commitments, the country will have to decarbonise by about 17 million tonnes of carbon each year.
That is equivalent to taking Australia's entire fleet of light commercial vehicles off the road and electrifying them - for one year's reduction requirement.
But it is not enough to reduce greenhouse gas emissions with a business as usual mentality, Dr Foley warned.
"To achieve the energy transition to mitigate climate change means more than dig up, process, use."
She said mining for the energy transition must be environmentally sustainable, fair, benefit the traditional owners of the land and do more to recycle and re-use waste.
BHP scientist Kerry Turnock said the minerals needed to power the energy transition would largely be found in deeper, more complex ore bodies as the industry starts to push the boundaries of what is proven.
Australia is the world's largest producer of lithium and the fourth-largest producer of rare earths.
It is a leading source of copper, nickel and other materials essential for producing electric cars, solar panels, turbines, transmission lines and big batteries.
Mining accounts for two-thirds of Australian exports, bringing in about $460 billion a year.
