PERTH (miningweekly.com) – The Victorian state government this week announced a A$15-million investment to drive minerals exploration in the region.

Energy and Resources Minister Russell Northe said the new programme, dubbed Target, would see the government co-fund exploration work with companies searching for new mineral resources with a focus on the state’s north-east, north, west and parts of the east.

“This new initiative will see the government working with industry to drive exploration and development of new mineral resources for the benefit of all Victorians.

“We are investing now to build a strong and sustainable mining industry in Victoria that creates more jobs and makes a significant long-term contribution to the economy while protecting the environment, respecting the rights of land-holders and working with other key industries like agriculture,” Northe said.

He added that the geological data acquired through the Target programme would help attract future investment from the mining sector and encourage further exploration in Victoria, within the context of a highly competitive global industry.

Under the Target initiative, grants would be available for co-funded exploration works including drilling and geoscience surveys. An expert panel will provide advice on the granting of funds and the activities carried out under the initiative.

Data captured by the Geological Survey of Victoria under the initiative will be made available online to other exploration and mining companies.

“The Target programme will build on our existing A$19.5-million Strengthening Earth Resources initiative to help revitalise exploration and mining in Victoria and reinforce our role as a centre for the mining equipment, technology and services sector,” Northe added.

The Association of Mining and Exploration Companies (Amec) on Tuesday welcomed the investment, saying it would bring Victoria in line with other states’ support for the exploration sector.

“Victoria must become both a nationally and internationally competitive investment destination to attract mining and exploration projects,” Amec CEO Simon Bennison said.

“The Target programme will not only assist companies through co-funding, but the data that will be made available online to other exploration and mining companies will also help to encourage future investment in Victoria.

“Reducing costs and timeframes for approvals processes for mining and exploration projects must also be addressed to maintain a pipeline of projects to sustain the industry,” said Bennison.