Speaking in Perth, Australian Prime Minister Anthony Albanese said Western Australia is front and center when it comes to the future agenda for economic growth. He announced that the Commonwealth will provide A$566 million ($372 million) over 10 years to map the whole of Australia. “No state will benefit from that more than Western Australia,” Albanese said. “We’ll provide this funding for Geoscience Australia in next week’s budget. This is a long-term project that we need to start now. It’s rather extraordinary that we haven’t had this planning done which can provide important information for businesses and communities about where critical minerals are [located].”
Making the investment to better locate and understand Australian geology, is a strong endorsement of the important role the resource sector plays in the national economy, explained Warren Pearce, chief executive for the Association of Mining and Exploration Companies (AMEC). “We are delighted to see the Federal Government re-invest in the critical and highly successful program, extending it out to the end of the decade,” he said. “As much as 80% of Australia remains unexplored. This program has the potential to open new mineral jurisdictions and unlock immense new mineral wealth for Australia.”
The Exploring for the Future (EFTF) program, led by Geoscience Australia, uses cutting edge scientific techniques to better understand geologic formations. The scientific data gathered is used by hundreds of exploration companies to best target their exploration programs, improving discovery rates, and leading to the development of new mines.
“This is the type of information that sets Australia apart from other nations, in continuing to attract exploration and mining investment,” Pearce said. “The first two iterations of this program have already led to significant new discoveries, that are now progressing toward major mine developments.”
