PERTH (miningweekly.com) – The South Australian government on Friday announced that it would extend its Accelerated Discovery Initiative (ADI) until 2025, committing a further A$11.5-million to the exploration programme.
The ADI provides co-financing to mineral exploration activities to attract greater exploration investment, bringing forward new mineral resource discoveries, jobs, Aboriginal employment opportunities and royalties.
The ADI also has a focus on supporting innovative technologies, collaboration and new exploration concepts to fast-track mineral exploration across South Australia.
Minister for Energy and Mining Dan van Holst Pellekaan said the ADI played an important role in maintaining South Australia’s international leadership in mineral exploration development.
“We expect to receive a high level of interest during round three, with a funding of up to A$3-million reflecting the global significance of ADI and the calibre of proposals.
“ADI is Australia’s most diverse exploration co-funding programme, offering support for traditional drilling and geophysics, as well as other non-conventional exploration techniques, frontier logistics support, technology and research innovation.
“With a heavy emphasis on new technologies, scientific endeavour, and upskilling, to boost discovery while reducing risk, ADI reflects the changing drivers in exploration.
“Successful projects will bolster activities and support innovative technologies to generate and test new exploration ideas and increase new data sets to help accelerate data sharing between entities within the exploration sector.
“In additional to innovative exploration programmes, ADI initiatives have fostered meaningful employment and upskilling of Aboriginal employees and businesses.
So far, during rounds 1 and 2, funding of A$7.4-million was allocated to 36 initiatives,” the Minister said.
The Association of Mining and Exploration Companies (Amec) has welcomed the boost to the ADI, and a refreshed Copper Strategy for the State.
The additional funding will extend the ADI for a further three years to 2025, with A$1.5-million brought forward to increase available funding for round 3, which opens today.
“The ADI is an innovative programme that matches private funding with companies undertaking greenfield drilling, geophysics and exciting proof of concept works,” said Amec CEO Warren Pearce.
“Attracting fresh investment into South Australia’s minerals sector is paramount to meeting the state’s Growth Agenda target.”
Pearce noted that the success of the ADI since its first round in 2019 can be seen in the quality of applicants in each round, presenting innovative ideas to promote South Australia’s mining sector into the future.
“As we continue to manage the impacts of Covid-19, we need to look for innovative ways in which we can support a strong and resilient economy. Producing mines deliver wide-ranging benefits, and all started with the fundamental works the two announcements embrace.
“Reviews of similar co-funded programmes in Western Australia have found that for every A$1 invested, the community gets at least a A$10 return - that’s a significant multiplier for a government programme.
“With mineral exploration expenditure at A$28-million in the last quarter, and a 62% increase in the number of exploration licence applications received in 2020/21 from the previous year, this is a timely and opportune announcement.
“The ADI has become a well-subscribed initiative, driving investment into geophysics, the testing of new technologies, and greenfield drilling, and is a programme that keeps South Australia on the cutting edge of mineral exploration. I urge interested applicants to lodge their expressions of interest before the 19 December deadline,” said Pearce.