The South Australian Government has released its 2019–20 State Budget which will deliver $10 million through the Accelerated Discovery Fund (ADF) towards the exploration of South Australia’s untapped mineral resources to grow jobs and investment in the state’s economy.
Minister for Energy and Mining Dan van Holst Pellekaan said 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.
He said South Australia is highly prospective for mineral resources but remains relatively underdeveloped due to many deposits being deep below the ground. The collaborative approach of the ADF reduces the substantial financial risk that resource companies take on when exploring greenfield sites, making South Australia a much 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.
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 Environment Protection Authority (EPA) prescribed guidelines of new groundwater resources
- Collaborative technology and/or machine learning projects that will benefit exploration
“By accelerating our knowledge and adopting cutting-edge technology, we’ll help bring additional mines to market sooner, and more growth to South Australia,” the Minister said.