The Association of Mining and Exploration Companies (AMEC) has welcomed the Federal Government’s $100 million exploring for the future program, a four-year initiative that aims to boost Australia’s attractiveness as a destination for investment.
Work is under way on the new program, with Geoscience Australia collaborating with the Northern Territory, Queensland, South Australian and Western Governments to develop activities in the northern part of the country.
AMEC chief executive Simon Bennison said investing the funds in Geoscience Australia to produce pre-competitive data for the program would have an enormous multiplier effect.
“One of the first steps has been the $3.1 million investment into mapping electrical conductivity in the Northern Territory. Australia will reap dividends from this investment in the future – in jobs, mines and government revenue streams,” Bennison said.
According to AMEC, the production of pre-competitive data by Geoscience Australia, the UNCOVER program, the state and territory co-funded drilling schemes and the exploration development incentive (EDI) are important parts of exploration and discovering future mines.
Each new mine creates thousands of jobs and generates significant economic and social dividends for the nation and local communities, it added.
“UNCOVER is supporting scientific research to improve exploration success. The better we can do exploration, the more we can attract investment in the Australian resources industry,” Bennison said.
“The investment made in co-funded drilling schemes reduces the cost of drilling, and makes it easier for companies exploring remote Australia to make the decision to drill and discover the mines of tomorrow.
“The EDI program has stimulated investment in eligible Australian junior mineral exploration companies, making it more attractive for investors to decide to support the next generation of miners.”
AMEC has called on the Federal Government to continue its support of the EDI, which is currently under review.