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Victoria sets exploration targets with new strategy

Victoria sets exploration targets with new strategy

Photo by Bloomberg

28th August 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Victorian state government has launched a new mineral resources strategy to ensure continued growth in the resources sector.

Resources Minister Tim Pallas on Tuesday launched the State of Discovery strategy, setting out targets of total exploration investment of A$220-million by June 2023 and at least one significant mineral discovery by 2028.

“The launch of the new strategy shows that we remain focused on responsibly growing the minerals sector to boost jobs in regional Victoria and continue to build Melbourne as an international mining hub,” the Minister said.

The new strategy hopes to build on the current momentum in the Victorian resources sector, which has seen minerals exploration increasing by 79% in the year to March 2018, nearly three times that of the national rate.

Geoscience data and research shows western Victoria has potential for copper, gold and other metals that could be the catalyst for a new wave of investment and a boost to jobs in local regional economies.

The Minerals Council of Australia (MCA) has welcomed the new strategy, with the MCA Victorian executive director Megan Davison saying it reaffirmed that the minerals industry is a significant contributor to the Victorian economy, employing 121 000 people and making a total direct and indirect contribution to the state in 2015/16 of A$13.6-billion, or 4% of gross state product.

“Victoria is blessed with a diverse commodity base including operating gold, antimony and brown coal mines, world-class mineral sands deposits and highly prospective precious and base metals provinces.

“State of Discovery provides an opportunity to grow the state’s minerals industry through greater investment attractiveness, more engaged communities and modern regulatory regimes,” Davison said.

“Government and industry must also continue to work together to ensure that Victorians understand the value of the industry and the benefits it offers to all Victorians.  

“Consistent, integrated whole of government policy settings and decision-making which focuses on the long-term interests of the State, supported by a more engaged community, will bring in more investment, grow regional Victoria and create more jobs.

"A growing and sustainable minerals industry is good for Victoria and all Victorians."

 

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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