Victorian Energy and Resources Minster Peter Batchelor has announced 11 mining companies will receive a total of $700,000 to aid in their search for minerals.
“The Brumby Government is taking action to drive investment in communities across Victoria, with companies offered grants as part of the second round of funding for the $2.5 million Rediscover Victoria Drilling Project,” Batchelor said.
“This round of funding received strong industry support, with more than 30 applications submitted, many of them offering highly prospective exploration proposals.
“As a result, double the number of grants has been given this time compared to the first round of grants in February.”
According to Batchelor, the grants announced in February returned promising results, such as Beaconsfield Gold’s copper find near Hamilton and Dart Mining’s recent molybdenum discovery in north east Victoria.
“We know there is a wealth of untapped resources in Victoria, but the exploration phase to pinpoint those resources is often the most risky for resource exploration companies,” Batchelor said.
“These grants aim to help reduce that risk for companies prepared to invest in more innovative exploration areas and concepts.”
The advantages of the exploration extend beyond the discovery of minerals to be mined, Batchelor said.
“Development of Victoria’s resources can provide a significant boost to regional communities through new investment, employment and infrastructure, which is why the Brumby Government is committed to supporting exploration by industry.”