Guy Barnett,Minister for Resources
There is no greater supporter of Tasmania’s mining and minerals processing sector than the Tasmanian Liberal Government.
Minerals now account for more than 64 per cent of our export value at more than $2.7 billion a year, and the sector supports more than 5,000 jobs around the State, many in regional communities.
The Tasmanian Government is encouraging further investment in the sector through the latest round of funding through our popular Exploration Drilling Grant Initiative (EDGI) which is supporting another six mineral exploration projects in Tasmania.
Exploration is one of the first and most important stages in mining which can lead to significant investments in the longer-term.
Round 6 of the scheme takes the total number of mineral exploration projects we have supported over the past three years to almost 60 – that is 60 potential investment pipelines we are helping create.
Exploration is a vital gateway towards realising the local economic and jobs benefits that come from growing the mining sector in our State and our dedicated investment in exploration has now surpassed $2 million.
The program helps industry and investors identify new and potentially lucrative greenfield mining opportunities, as well as exploration of existing mine or mining lease sites.
The drilling is targeting a diverse range of mineral including rare earth elements and tin, both of which are essential for the transition to the new economy and renewable energy.
The six projects announced under Round 6 will share in more than $270,000 in funding and result in nearly five kilometres of exploration drilling.
Five of the Round 6 projects will be greenfield exploration and one will re-examine an existing site.
By opening the program to existing sites we are providing the opportunity to recover even more valuable minerals like gold, copper, zinc, tin, or iron from already developed sites which would have reasonably modest restart costs and lead-in time if the exploration results prove positive.
Growing this sector will provide a vital boost for our regional communities, small businesses, and families, especially in regions like the North-West and West Coast which have been the hardest hit by COVID-19.
All up our Exploration Drilling Grant Initiative is expected to drive a 60 per cent increase in greenfield drilling to open up sites that may not have previously been economically attractive for exploration and is estimated to return $3.40 to our economy for every $1 of government support.
