The South Australian mineral exploration sector has received a boost with the opening of applications for the state government’s latest Plan for Accelerating Exploration (PACE) Minerals program.
The initiative, which forms part of a AU$12.4 million funding commitment over four years, provides mineral explorers with crucial access to co-funding grants. This support is designed to assist companies with drilling, geophysics, and other vital exploration activities required to identify the next generation of mineral deposits across the state.
The Association of Mining and Exploration Companies (AMEC) welcomed the program’s reinstatement, noting that it provides mineral explorers with access to co-funding grants to help drive the next generation of discoveries across the state.
AMEC CEO Warren Pearce said: “This is an important milestone for South Australia’s exploration sector.
“It means explorers can now apply for practical co-funding support for drilling, geophysics and other exploration activities that are critical to making new discoveries.
“For junior explorers in particular, programs like PACE can make a real difference by helping to share exploration risk and attract additional private investment into South Australia.”
The PACE program has a storied history of success in the state, with previous rounds delivering exceptional economic returns.
Historically, for every dollar of government funding provided, the program has leveraged approximately AU$19 in private investment.
These investments have been instrumental in several major discoveries, including the notable Carrapateena copper-gold mine.
By supporting exploration in remote areas and at greater depths, the PACE Minerals program helps unlock South Australia’s significant mineral potential, which might otherwise remain untapped due to the high costs and risks associated with early-stage discovery.
“Supporting exploration today is how we create the mines, jobs, royalties and economic opportunities of tomorrow,” added Pearce.
Applications for this round are scheduled to close on September 11.