The Australian federal government has announced a significant investment of $566.1 million over the next 10 years to support the discovery of new mineral deposits and energy sources, aiming to shape a Future Made in Australia.
This investment, set to be outlined in next week’s Budget, reflects a strong emphasis on resources development.
Australia’s top geoscientists will be deployed to map the country’s resources comprehensively, to provide data, maps, and tools to the resources industry, aiding in the identification of new resources.
The initiative will provide a comprehensive understanding of Australia’s resource potential, including mapping all groundwater systems and supporting climate resilience, agriculture, and water security.
Prime Minister Anthony Albanese said: “There is no nation on earth better placed than Australia to achieve our goal of moving toward a clean energy future.”
“This investment highlights my government’s commitment to building a secure and sustainable future for all Australians. By investing significantly in geoscience, we can boost our progress towards net zero.”
The funding will fully support Resourcing Australia’s Prosperity (RAP) for 35 years, ensuring a robust foundation for exploration and future discoveries.
For the first time, RAP will include mapping of offshore areas, identifying sites for carbon capture and storage, as well as potential locations for clean hydrogen projects.
The program will also support regional communities, farmers, and First Nations peoples in managing their land and water resources, providing essential information about potential mining projects.
Australian Minister for Resources Madeleine King said: “The road to net zero runs through Australia’s resources sector.”
“This funding will ensure we can draw the map for our resources companies to find the minerals we need to drive our economy and build the technology we need to reduce emissions.”
Asra Minerals’ Managing Director Rob Longley welcomed the government’s investment, noting it would help Asra and other explorers identify and unlock more critical mineral deposits, supporting the global demand for minerals used in electric vehicles.
The Minerals Council of Australia (MCA) has also praised the investment, calling it a crucial step for future planning in the minerals industry.
The government’s investment in geoscience is expected to drive further exploration and economic growth, with existing data estimated to have added $76 billion to the economy and created 80,000 full-time equivalent jobs in 2021-2022.
