Brendan Pearson, Chief Executive, Minerals Council of Australia, says “the Turnbull Government has made a critical investment in Australia’s future prosperity with the provision of additional resources to help Geoscience Australia uncover Australia’s minerals wealth.” ¬
The latest budget package includes a new A$100 million initiative Exploring for the Future over four years to expand Australia’s geoscientific effort in support of the next wave of minerals exploration.
Pearson continues: “Australia’s worldclass federal and state geological survey agencies have a record of delivering a strong return on investment in pre-competitive scientific data. According to some estimates, the rate of return for every dollar invested in pre-competitive programs has a multiplier for national income of more than 20 times.
“Moreover, Australia ranks second in the world at converting exploration into minerals discoveries. Australia accounts for about 9% of global exploration investment but accounts for 18% of minerals discoveries.
“A key driver for the next phase of Australia’s exploration effort is the fact that 80% of the continent, covered by rocks and sediment, remains largely unexplored.
“The Government’s investment will allow Geoscience Australia to undertake geological mapping of mineral deposits both near the surface and to depths down hundreds of metres. This will propel a step-change in knowledge and technology, which will facilitate exploration by private companies in areas that have historically been difficult to explore.
“The Government’s Exploring for the Future confirms that the minerals industry is integral to Australia’s national science and innovation agenda and will continue to generate growth and high-skilled jobs into the future.”
Queensland Resources Council Chief Executive Michael Roche echoed Pearson saying “the Queensland resources sector may be well past the investment boom phase but [the] federal budget confirms the sector will deliver strong export growth with the return from minerals and LNG outperforming other sectors.
“It is pleasing the Turnbull Government has an eye to high-tech jobs of the future in the resources sector by delivering a $100 million exploration program, which is set to benefit Queensland, by helping to find the next wave of new mines.
“Geoscience Australia will carry out geological mapping of mineral deposits, which will enable exploration by resource companies in areas that have proven difficult to explore in the past.
Exploration is the R&D, or building blocks, for the resources sector, getting the sector ready for the inevitable future upswing.”