SA getting serious about kick starting mineral exploration
4 June 2019
Today, Hon Dan van Holst Pellekaan MP, South Australian Minister for Energy and Mining announced the Accelerated Discovery Fund providing $10million over three years to promote mineral exploration in South Australia.
Independent studies on similar Government initiatives in Western Australia have demonstrated returns of 10:1.
South Australian total annual mineral exploration declined in 2018-19, down 12% year on year. The Accelerated Discovery Fund (ADF) will help reverse that trend.
“The Accelerated Discovery Fund is a needed investment to promote greenfield mineral exploration and research in South Australia,” said Mr Warren Pearce, Chief Executive Officer, Association of Mining and Exploration Companies.
“This targeted funding will help drive mineral exploration and increase the metres drilled in South Australia.”
“It’s hard to beat an over 10:1 return on investment.”
“Over 75% of South Australia is covered by transported regolith material, which makes the State more expensive and geologically complex. The Government has acknowledged the need for innovation to break new ground.”
“The ADF is a needed refresh of the Plan for Accelerating Exploration programme with a greater focus on tech and greenfield mineral exploration.”
“Mineral exploration is essentially applied research, using technology to discover future mines. The ADF’s focus on de-risking the application of new technology has the potential to transform the industry.”
“Funding has also been allocated for the discovery of water, which is crucial in regional South Australia.“
“The ADF will help kick start South Australia, this funding could lead to a future mine - with jobs, benefits, royalties and revenues for the State,” said Mr Pearce.