PERTH (miningweekly.com) – The Australian resources sector has welcomed promises by the Federal Opposition to invest A$75-million into Geoscience Australia’s Exploring the Future initiative.

Ahead of the federal election on May 18, Opposition leader Bill Shorten has vowed to invest A$75-million into exploration, saying the funds would reverse the Liberal government’s decision to stop the Exploring for the Future programme.

“We want to ensure Australian mines are powering the commodities of the future, such as lithium, as we build the renewable energy economy,” Shorten was quoted by The Guardian.

“Labor wants lithium batteries to be made domestically, seeing potential in the industry that will store renewable energy and power electric cars and smartphones.”

The Minerals Council of Australia has welcomed the election promise, with CEO Tania Constable saying that investment in pre-competitive geoscience exploration is essential in building a pipeline of mining projects that will deliver jobs in the minerals sector across regional Australia into the future. 

“This commitment will fund vital data acquisition using geophysical surveys, geochemical sampling, hydrological mapping and stratigraphic drilling.

“The data collected will be analysed and integrated to provide a comprehensive picture of Australia’s mineral, energy and groundwater resources, which will support investment decision-making, allowing Australian companies to expand commercial opportunities and create more jobs.

“Australia faces growing competition to attract the international capital the resources industry needs to convert our minerals potential into lasting economic benefits,” Constable said.

The Queensland Resources Council (QRC) has also welcomed Shortens commitments, but CEO Ian Macfarlane has urged for clarity around the party’s position on the future role of coal.

Macfarlane pointed out that Queensland had a huge potential, particularly through the North West minerals province, to develop the new economy minerals so essential for the global growth in renewable energy technology, electric vehicles and battery storage.

“Prior to the election, the QRC urged the Coalition and Labor to embrace this opportunity, and we welcome the announcement by Shorten today,” he said.

“Any investment in additional investigation for resources, like A$75-million for a road map for a new generation of mines, will help deliver new discoveries, new investment, new exports and new jobs for Queensland.”

Macfarlane said the contribution of metals continued to be dwarfed by the role of coal in the Queensland economy, where coal contributed A$43.4-billion and more than 215 000 full-time equivalent jobs, or 9% of the state’s workforce. Coal royalties paid to the Queensland government were A$3.8-billion in 2017/18 and are expected to exceed A$4-billion this financial year.

“During this federal election campaign, where winning Queensland seats is so crucial, no party should be vague about their commitment to coal,” he said.

“All parties, vying for Queensland support, should be clear on their own support for the development of new coal mines, particularly in the Galilee basin, and the continuation of existing mines producing both thermal and metallurgical coal.”