The New South Wales (NSW) Government is positioning the state to be a global leader and industry partner in the race for critical minerals, rare earths elements and high-tech metals.
Grants to the tune of $5 million will support 29 exploration projects to undertake drilling, geophysics and geochemistry exploration to try and find the next “major critical minerals project”.
The investment will help explorers discover more minerals used to manufacture modern technologies such as electric vehicles, phones and solar panels.
Successful applicants to receive funding as part of the critical minerals and high-tech metals exploration program include Waratah Minerals, Neo Double Eagle Resources, Alkane Resources and Silverton Minerals, who are already beginning exploration efforts at a number of sites across NSW.
“Exploration is critical in the early stages of any mining project,” the NSW Government said in a statement. “Intense and highly scientific activities are required to confirm the strength of a mineral deposit and its viability before a company can consider going through the planning process.
“Already, there are approximately 1500 exploration titles currently being explored for minerals across the state, and this funding will further aid the search for the next big critical minerals, high-tech metals or rare earth elements deposit.”
The increased copper price is also something NSW can benefit from, with the state stepping up to meet demand. Copper production in the state has increased by over a third in the last three years.
This sentiment was echoed by NSW Premier Chris Minns at the International Mining and Resources Conference (IMARC) who told delegates the state is “open for business” on critical minerals.
Opening Australia’s largest mining conference in Sydney, the Premier acknowledged that the state’s planning system had created duplication and red tape that was holding back projects, but committed to improving this as part of his pitch to investors to back the state’s growing pipeline of critical minerals projects.
“Not only do we have experienced companies, the trained workforce, the stable democracy, the rule of law, we’ve also got the critical minerals sitting there to make a big difference: 21 of 31 on the critical minerals list, four out of five on the strategic minerals list, (and) significant deposits of rare earths,” Minns said.