Record year for mineral exploration expenditure in Tasmania

Tasmania’s mining sector continues to go from strength-to-strength under the Rockliff Liberal Government.

Mineral exploration expenditure in Tasmania has hit a new record, with the latest Australian Bureau of Statistics (ABS) figures showing $43.1 million was spent in the 2022-23 fiscal year.  
 
Minister for Resources, Felix Ellis said mineral exploration in Tasmania is now at its highest level on record. * 
 
“There has been an increase in exploration expenditure of 31 per cent on the preceding fiscal year, which is a sign the Rockliff Liberal Government’s support for mineral exploration is working,” Minister Ellis said. 
 
“We know the world will need the key and critical minerals that Tasmania has to help power the global shift to renewable energy and to support defence manufacturing. 
 
“This is exactly why we are backing the industry to grow in a balanced way through programs like our popular Exploration Drilling Grant Initiative (EDGI) and Geoscience Initiative. 
 
“The EDGI grants provide co-funding for greenfield targets that may lead to the discovery of Tasmania’s next new mine. 
 
“Since the program began, there have been eight rounds released, with funding provided facilitating more than 16,000 meters of drilling. 
 
“It is pleasing to see that the greenfield exploration investment of $5.3 million is the highest in a decade.
 
“The $2 million Geoscience Initiative is providing new data to underpin and de-risk the next generation of mineral exploration. 
 
“The mining and mineral processing sector is a key pillar of the economy and contributes more than $2.8 billion a year in exports and supports more than 5800 jobs.”
 
Minister Ellis said the Rockliff Liberal Government continues to be the strongest supporter of Tasmania’s world-class mining and minerals processing sector and the jobs it supports in regional communities.

* https://www.abs.gov.au/statistics/industry/mining/mineral-and-petroleum-exploration-australia/latest-release