The NSW Government will invest a further $1.5 million to support explorers to search for new deposits of critical minerals and high-tech metals essential for the manufacture of batteries, electric vehicles and other renewable technologies.
The NSW Government will invest a further $1.5 million to support explorers to search for new deposits of critical minerals and high-tech metals essential for the manufacture of batteries, electric vehicles and other renewable technologies.
The funding, which is part of the next round of the New Frontiers Cooperative Drilling Program, will further strengthen the state’s position as a leader in critical minerals and high-tech metals exploration and mining.
Deputy Premier and Minister responsible for Resources Paul Toole said the new program was part of the NSW Government’s commitment to promoting exploration investment and supporting the long-term sustainability of the sector.
“Critical minerals and high-tech metals represent a new frontier for mining in NSW, with the potential to generate thousands of jobs and billions of dollars in investment supporting our regional economies and communities,” Mr Toole said.
“Stimulating exploration will ensure NSW is prepared for surging demand for critical minerals in the future global economy, and now more explorers than ever before can access the funding, with eligibility to be expanded to include exploration geophysics.
“By encouraging exploration, we are improving our understanding of the state’s mineral resources to fully realise its economic potential.”
The commitment follows last week’s NSW Government 2022-23 Budget announcement of $130 million for a new Critical Minerals and High-Tech Metals Activation Fund, which will entice mining and processing investment in NSW.
Round Five of New Frontiers comes one year after the previous round and builds on the $8.4 million announced for the program since 2014. It is the first time the program is being run in consecutive years.
Applications for Round Five of the New Frontiers Exploration Program open on 1 September 2022 and close 31 October 2022.
Learn more about the New Frontiers Cooperative Drilling Program
