Mineral exploration booms

Exploration expenditure in Tasmania is booming, with the latest Australian Bureau of Statistics (ABS) figures showing $44.5 million was spent in the 12 months to March 2023.

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 93 per cent on the preceding 12 month period, 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 through programs like our popular Exploration Drilling Grant Initiative (EDGI) and Geoscience Initiative.”

The EDGI grants provide co-funding for greenfields 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 14,000m of drilling.

The $2 million Geoscience Initiative is providing new data to underpin and de-risk the next generation of mineral exploration.

“It is pleasing to see that this week’s ABS figures also show that Tasmania’s exploration spend ranks third in Australia when calculated on the basis of spend per square kilometre,” Minister Ellis said.

“As our number one economic earner, the mining and mineral processing sector contributes more than $2.9 billion a year in exports and supports more than 5,800 jobs.

“The Rockliff Liberal Government is the strongest supporter of Tasmania’s world-class mining and minerals processing sector.”

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