The New South Wales government is investing $2.5 million in a Critical Minerals Exploration Program. This initiative aims to incentivize explorers to discover new critical mineral deposits within the state. The program requires applicants to contribute 50% of the project funding, supporting exploration geochemistry, geophysics, and drilling. Funding tiers range from $50,000 for geochemistry to $250,000 for deep exploration drilling (over 250m).
The Association of Mining and Exploration Companies (AMEC) has voiced its support for the program, praising the government’s proactive approach. AMEC CEO Warren Pearce believes such incentives are crucial for discovering new critical mineral deposits and positioning New South Wales as a significant player in the critical minerals sector. Australia’s list of 31 critical minerals includes essentials like lithium, graphite, and rare earth elements, all vital for modern technologies, economies, and national security. These materials are also integral to the defence sector, highlighting the program’s strategic importance, particularly given concerns about China’s dominance in processing many of these raw materials.
