South Australia puts A$10m in minerals discovery fund
South Australia has earmarked A$10-million for the accelerated exploration of the state’s yet-to-be identified mineral resources, Energy and Mining Minister Dan van Holst Pellekaan announced on Tuesday.
The Accelerated Discovery Fund (ADF) would not be limiting the benefit of cofounding to only a single entity, but would seek to share the knowledge, know-how and broader economic benefits with other explorers and industries.
“The ADF along with data from our world-class South Australia drill core reference library, will drive the next round of cutting-edge exploration and possibly South Australia’s next major mineral discovery,” Van Holst Pellekaan said ahead of the 2019/20 state Budget.
The ADF would focus on:
- Exploration drilling, including single deep holes and/or multiple-hole programmes in frontier terrains or testing new concepts in other areas.
- Geophysical programmes that focus on the application of innovative technology and concepts.
- Proof-of-concept proposals that were not restricted to a technical discipline to encourage innovation in the sector.
- Logistical support associated with testing exploration targets in remote greenfields/new frontier regions.
- Identification and testing to Environment Protection Authority-prescribed guidelines of new groundwater resources.
- Collaborative technology and/or machine learning projects that will benefit exploration.
“By accelerating our knowledge and adopting cutting-edge technology, we’ll help bring additional mines to market sooner, and more growth to South Australia," said Van Holst Pellekaan.
Minerals Council of Australia CEO Tania Constable said that the A$10-million investment in promoting exploration and innovative technologies was a welcome development, noting that it should accelerate new mining investment.
In 2017/18, A$55-million was invested on mineral exploration in South Australia. Mining currently accounts for 35% of South Australia’s exports of traded goods.
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