The state government has committed $40 million towards critical minerals initiatives in the upcoming budget, in a bid to find new resources and shift to net zero.
The state government has committed $40 million towards critical minerals initiatives in the upcoming budget, in a bid to find new resources and shift to net zero.
The Sustainable Geoscience Investments package is part of the 2023-24 state budget, according to the state government’s announcement today.
The $40 million investment aims to accelerate resource discoveries in Western Australia through initiatives including a $16.1 million boost to the exploration incentive scheme, $6.7 million for a data analysis program, and $6.2 million for magnetotelluric data acquisition.
A $4 million package will go towards the Mineral Research Institute of WA to expand research in net zero and waste reduction projects.
Other pathways for the funding include $3.3 million to update and optimise core libraries in Carlisle and Kalgoorlie, including new bionic lifting equipment, and $3.7 million to redevelop and improve Department of Mines, Industry Regulation and Safety’s online data services.
“Accelerating exploration activity is crucial to our state’s future economic success, and I am confident this funding will help the industry unearth WA’s next big discovery," Mines and Petroleum Minister Bill Johnston said.
“We need to keep providing high-quality data for resource exploration to help maintain our global reputation as a proven investment partner.
“WA’s resources sector delivered a record $231 billion of sales in 2021-22, and the bedrock of this success was the hard work put in by minerals exploration companies.”
The Association of Mining & Exploration Companies chief executive Warren Pearce said the investments package sent a strong message to investors, project developers and researchers, that WA was serious about propelling its critical minerals potential to meet net zero targets.
“While WA is a global leader in lithium and nickel, there are a range of other emerging critical minerals opportunities ripe for investment, including vanadium, manganese, rare earth elements, and cobalt.”
“Funding for the projects under this announcement will accelerate our transition to a decarbonised economy, and continue to support a highly skilled, diversified future workforce.”
“These projects, supported by efficient approvals functions, will all hasten WA’s development of a vibrant critical minerals sector, and support our ongoing transition to a decarbonised economy.””
“WA is on the precipice of a new age as we continue to progress innovative critical minerals opportunities.
“Support from the WA and federal governments is vital to capitalise on heightened private investment momentum as global competition increases.”
Premier Mark McGowan said the transition to clean energy represented a once-in-a-lifetime opportunity for WA.
“No other Australian State comes close to matching our commitment to minerals and energy exploration, and WA continues to lead the pack by some distance,” he said.
“This major investment into geoscience builds on the strong foundation of our world-leading resources sector, paving the way for growth in a low-carbon future.
“Our 2023-24 state budget delivers on the WA Jobs Plan, helping to diversify the WA economy and create new jobs into the future.”
WA had attracted more than $9 billion of investment for battery and critical mineral projects since the mid-2010s, the state government claims.
However, Conservation Council of Western Australia executive director Joe Heffernan said new mining sites in search of renewables would have to go somewhere, but not everywhere.
“If we are going to decarbonise, we need renewables,” he said.
“The world does need to increase the production of the raw materials used to support the development of renewable energy solutions, but it cannot come at any cost.
“We have far too many examples across our state where projects have been needlessly destructive and left a lasting legacy of environmental damage.
“It is incumbent on the state government to ensure that proponents are held to higher standards than they have been in the past.”
