The federal government will implement a decade-long $566.1 million investment in the upcoming federal budget to map Australia’s new mineral resources.
Over 80 percent of Australia’s geological resources are untapped, including a wide range of minerals, groundwater, and energy resources.
This investment aims establish a comprehensive mapping of Australia’s groundwater systems.
It will also help Resourcing Australia’s Prosperity (RAP) explore resource potential and mineral development for the next 35 years. This includes an unprecedented mapping of offshore areas and possible sites for clean hydrogen projects.
Minister for Resources Madeleine King stated that Australia’s resources sector has paved the road to net zero emissions.
“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,” she said in a media release.
“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.”
Precompetitive data from Geoscience Australia’s program led to significant discoveries, including critical mineral and rare earth deposits that are necessary for developing clean energy technologies.
The data program exhibited a landmark level of exploration activity, as 65 companies explored 569 tenements, equating to 290,000 square kilometres.
Bolster Australia’s Pathway to Net Zero
According to Deloitte Access Economics, existing public precompetitive geoscience contributed $76 billion to the Australian economy and generated 80,000 full-time equivalent jobs in 2021-2022.“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 in a release.
“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 prime minister also underscored the prospect of increasing public confidence with the infrastructure planning and environmental assessments included in the mapping project while supporting the agricultural sector and creating a “sustainable pipeline of projects.”
Farmers and members of regional and indigenous communities will have better access to knowledge on land and water resource management, as well as potential mining projects.
On top of the mapping investment, the government is also committing to a $400 million boost to the critical minerals sector and $1 billion in funding for solar panel manufacturing.
Minerals Council of Australia CEO Tania Constable commended the government’s investment, saying it allows for improved private investment planning.
“The government’s initiative to create the first comprehensive map of Australia’s subsurface and seabed resources will uncover new opportunities for minerals development, particularly in remote and underexplored areas,” Ms. Constable said.
“The next generation of discoveries in minerals, energy, and groundwater will not only bolster Australia’s pathway to net zero but will also attract substantial investment, create jobs, and secure essential resources for our future.”
