The Federal Government has revealed it will invest $566.1 million into mapping services over a 10-year period beginning from 2024–25.
The funding – to be delivered as part of the 2024 Federal Budget – will assist in delivering data, maps and other tools for the resources industry to use in order to uncover new mineral deposit and energy sources.
The long-term investment, led by Geoscience Australia, is said to underscore the Federal Government’s plan to position the resources industry at the centre of its Future Made in Australia policy.
“There is no nation on earth better placed than Australia to achieve our goal of moving toward a clean energy future,” Prime Minister Anthony Albanese said.
“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 support regional communities, farmers and First Nations people in managing their land and water resources, and they will be fully informed about potential mining projects in the area.
It will also ensure Resourcing Australia’s Prosperity (RAP) is fully funded for 35 years and will map offshore areas of Australia for the first time, paving the way for sites to carry out carbon capture and storage. RAP will also identify possible sites for clean hydrogen projects.
“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,” Federal Resources Minister Madeleine King said.
“The Albanese Government has put the resources industry at the heart of its policy making because it knows a strong resources sector means a strong Australia.
“Geoscience Australia is a world-leading scientific institution that all Australians should be proud of, and this funding will be an unprecedented investment in our geoscience capability.”
Association of Mining and Exploration Companies chief executive officer (CEO) Warren Pierce welcomed the funding.
“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,” Pierce said.
“Some 80 per cent of Australia is unexplored. This program has the potential to open new mineral jurisdictions and unlock immense new mineral wealth for Australia.”
The Chamber of Minerals and Energy of Western Australia (CME) also supported the incentive.
“This initiative means companies can understand where critical resources seams are located and how they interact with the needs of other important onshore and offshore projects,” CME CEO Rebecca Tomkinson said.
“Having publicly available information is critical to ensuring there is common understanding of locations of resources so that future development can balance land interests and values across environmental protection, agriculture, electricity generation, transmission infrastructure, social needs, and large-scale renewable energy projects.”
Minerals Council of Australia (MCA) CEO Tania Constable echoed similar sentiments.
“Enabling public access to a richer set of nationally consistent pre-competitive data offers a detailed investment prospectus for mining companies but also paves the way for more precise and productive exploration efforts,” Constable said.
“This funding not only reflects previous recommendations from the MCA — which advocated for expanded and permanent support for Geoscience Australia – but also reinforces the essential role that pre-competitive geoscience data plays in de-risking exploration and supporting investment planning.”
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