PERTH (miningweekly.com) – The Western Australian state Budget will include provisional funding of A$5.5-million for the Minerals Research Institute of Western Australia (MRIWA) to support the development and manufacturing of technology metals and renewable energy sources.

MRIWA will invest the funds, if successful, in its bid to establish a New Energy Industry Cooperative Research Centre (CRC) in Western Australia.

The Federal Minister of Industry, Innovation and Science has overall responsibility for the CRC programme and makes decisions on which CRCs will be funded, the level of funding offered, and the conditions attached to the funding.

The New Energy Industry CRC's objective will be to create value, through industry-led research, and drive global demand for local products, services and solutions.

"The state government will continue to support the development of renewable energy technologies, and the A$5.5-million in provisional funds will be made available to the MRIWA if it is successful in the bid to establish a New Energy Industry Cooperative Research Centre in Western Australia," said Premier Mark McGowan on Friday.

The Association of Mining and Exploration Companies (Amec) said that the state government’s provisional funding for the CRC was timely and needed.

“The state government’s support for the CRC bid is an important investment in the long-term development and attractiveness of the lithium and battery minerals industry.  Each breakthrough in technology and innovation can drive Australia further down the cost curve and further down the value chain,” said Amec CEO Warren Pearce.

“Western Australia has a once in a generation opportunity with lithium, we just have to grasp it.”

Pearce pointed out that Western Australia mines more than 60% of the world’s supply of lithium and produces all of the other minerals necessary to domestically manufacture batteries. 

“There is clearly an opportunity for Western Australia to expand down the value chain beyond mining,” he added.