AUD$566.1mln boost to Australia's resources industry
The Australian Government announces investment to fully map the country's resources.
The long-term investment, led by Geoscience Australia, underscores the government’s plan to put the resources industry at the heart of its Future Made in Australia policy.
The funding means Resourcing Australia’s Prosperity (RAP) will be fully funded for 35 years.
For the first time, RAP will map offshore areas of Australia as well, pointing the way for sites for carbon capture and storage, as well as possible sites for clean hydrogen projects.
It will seek to provide a deeper understanding of the resource potential by mapping out all of Australia’s groundwater systems, supporting climate resilience, the agricultural sector and water security for communities and the environment.
Through this programme, the government says regional communities, farmers and First Nations peoples will be supported to manage their land and water resources, and so they are more fully informed about potential mining projects.
Geoscience Australia’s precompetitive data program has reportedly already led to major discoveries – including deposits of critical minerals and rare earths, with 65 companies exploring across 569 tenements, covering over 290,000km2 of Australia.
The investment will form a key part of next week's Budget.
Australian Minister for Resources, Madeline King, says, 'This funding will ensure we can draw the map for our resources companies to find the minerals we need to drive our economy and build the technology we need to reduce emissions.'
