The Victorian Government has released its mineral resources strategy for 2018–2023, identifying key challenges and opportunities in the state’s mining sector.
The report, entitled State of Discovery: Mineral Resources Strategy 2018–2023, lays out five action areas that explore different segments of Victoria’s minerals sector. The Victorian Government is aiming to spend $220 million in exploration investment by June 2023 to help meet these goals.
The five action areas include Confident Communities and Responsible Explorers; Advancing Geoscience and Encouraging Mineral Exploration and Development; Victoria as a Global Mining Hub; Improve Regulatory Practice and Industry Compliance; and Deliver Modern, Fit-For-Purpose Laws.
While not the largest Australian mining state, Victoria is home to several large mining companies, including BHP, Newcrest and OceanaGold, with Melbourne-based firms accounting for 65 per cent of mining stock from the ASX100 in 2018 ($188 billion in all).
In addition, mineral spend is increasing, up 79 per cent year on year (YoY) to March 2018 compared to 27 per cent nationally according to figures cited in the report by the Australian Bureau of Statistics.
The Government cites Victoria’s “intensively developed” landscape as a potential challenge for exploration expansion and as such emphasises responsible minerals exploration as a key point of its strategic overview.
The report states that “gaining and maintaining community confidence in the social, environmental, and economic performance of mineral exploration and development [is] critical for the sector”.
The State Government hopes to build this trust by improving transparency and social responsibility standards for explorers, while also securing enduring benefits for host communities.
In addition, to advance geoscience and encourage mineral exploration and development to Victoria, the Government plans to release a Victorian resource prospectus, integrate resource and freight transport planning and conduct competitive tenders to attract “high-performing” explorers.
The full report, which elaborates on the Victorian Government’s plans in further detail , can be read here.