Minister for Resources, Water and Northern Australia, Keith Pitt today announced eight new projects will unlock the potential of Australia’s groundwater, energy and mineral resources during the next four years of the Australian Government’s $225 million Exploring for the Future program.
This includes three deep-dive projects in the geological regions of Officer-Musgrave in central-west Australia, Darling-Curnamona-Delamerian in south-east Australia and Barkly-Isa-Georgetown in the north-east. Based on their geology, Geoscience Australia chose these areas from two potentially resource-rich corridors identified in the east and west of Australia last year.
It also includes three continental-scale projects that have national applications but with a focus in southern Australia; and two program-support projects.
These projects will build on the success of the first phase of the Exploring for the Future program – which delivered a detailed picture of potential resources across more than three million square kilometres of northern Australia from 2016 to 2020. Following uptake of this geological data, more than 20 resource companies have taken up new investments in over 120,000 square kilometres of exploration acreage across Queensland and Northern Territory.
Independent analysis of the first phase of the program from ACIL Allen Consulting found it could drive up to $2.5 billion in economic benefits and jobs in northern Australia.