The South Australian Government’s 2019-20 Budget will deliver $10 million through the Accelerated Discovery Fund (ADF) towards the exploration of South Australia’s untapped mineral resources to generate further jobs and investment in the state’s economy.
The $10 million investment is expected to assist in promoting exploration and innovative technologies to accelerate new mining investment and economic development throughout South Australia.
Minister for Energy and Mining, Dan van Holst Pellekaan, commented that opening new mines with significant deposits of copper, gold, and other strategic minerals such as uranium and cobalt will deliver new investment, jobs and increased royalties to finance South Australia’s health, education and transport systems.
“Mining currently accounts for 35 per cent of South Australia’s exports of traded goods and accelerating new mines has the potential to deliver a major stream of revenue to the State Budget.”
“South Australia is highly prospective for mineral resources but remains relatively underdeveloped due to many deposits being deep below the ground,” the Minister said.
Mr van Holst Pellekaan further commented that the collaborative approach of the ADF reduces the substantial financial risk that resource companies take on when exploring greenfield sites – making South Australia a more attractive investment destination.
“Rather than limiting the benefit of this co-funding to a single entity, the ADF seeks to share the knowledge, know-how and broader economic benefits with other explorers and industries,” he said.
The ADF’s objectives include:
- Exploration drilling – single deep holes and/or multiple hole programs in frontier terrains or testing new concepts in other areas;
- Geophysical programs that focus on the application of innovative technology and concepts;
- Proof-of-concept proposals that are not restricted to a technical discipline to encourage innovation in the sector;
- Logistical support associated with testing exploration targets in remote greenfields/new frontier regions;
- Identification and testing to EPA prescribed guidelines of new groundwater resources, and
- Collaborative technology and/or machine learning projects that will benefit exploration.
Chief Executive Officer of the Minerals Council of Australia, Tania Constable, was among the first to welcome the announcement.
“Australia’s exploration sector is a world leader and initiatives such as the ADF will further assist in unlocking our nation’s mineral wealth and creating jobs in regional communities,” she said.
“The announcement will stimulate future growth and enhance the state’s position as a world-leading mining investment destination.”