The Tasmanian Government has opened applications for the latest round of the Exploration Drilling Grant Initiative (EDGI) in a bid to support the discovery of critical mining opportunities.
Commencing in 2018, the EDGI encourages and supports industry and investors to identify new and potentially lucrative greenfield mining opportunities as well as the re-examination of existing mine or mining lease sites, including for critical minerals and those minerals needed for decarbonisation.
The program provides up to $50,000 for direct drilling costs and $20,000 for helicopter support, if required, for successful applicants to undertake mineral exploration.
Tasmanian Business, Industry and Resources Minister Eric Abetz said the state is full of minerals needed to drive the global energy transition, including copper, tin and tungsten.
“Critical minerals are a sought-after commodity as governments, businesses and organisations across the globe look to a more sustainable future,” Abetz said.
“There is a global shift to find these minerals and Tasmania can continue to further cement itself as a leader in this space. This funding will allow mineral explorers to test greenfield locations which may lead to our next big mineral discovery.”
Applications for the latest EDGI round will close on March 27, with the successful applicants expected to be announced in mid-May.
Growing critical minerals exploration is one of the four objectives outlined in the recently released Tasmanian Critical Minerals Strategy.
Abetz said increased exploration efforts will lead to more resources projects coming online, resulting in more jobs.
“Now in its eighth year, the (EDGI) grants program supports industry and investors to find new and potentially lucrative mining opportunities as well as the re-examination of old mines,” Abetz said.
A recent EDGI success story was Elementos uncovering high-grade tin and base metal mineralisation at the North Scamander and Luina prospects within the Cleveland project. Abetz said discoveries like Elementos’ highlight the importance of EDGI.
“Successes like these can lead to the development of new mines that are required to sustain and grow the Tasmanian economy while facilitating decarbonisation,” he said.
“The mineral resources sector remains Tasmania’s top export earner, contributing more than $2.8 billion a year in exports while supporting more than 7200 jobs.
“In (the) 2023–24 (financial year), $52.2 million in royalties were generated, meaning in the last five years royalty payments have totalled $283 million with an additional $10 million from rentals and fees.”
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
