$10 Million Accelerated Discovery Fund Blasts Off
South Australian Government to fund exploration incentive
The South Australian Chamber of Mines and Energy (SACOME) welcomes today’s announcement by the South Australian Government of a $10 million ‘Accelerated Discovery Fund’ as part of the 2019-20 State Budget.
Having lobbied consistently for a Mineral Exploration Incentive to bring South Australia back to relative parity with other states, SACOME recognises this investment as crucial to securing South Australia’s resources pipeline.
Exploration incentive programmes previously operating in South Australia were responsible for catalysing an extra $700 million in mineral exploration investment between 2002 and 2014 and have contributed to an increase in State mining revenue of $2.4 billion over that time.
Rebecca Knol, Chief Executive Officer said “Exploration incentives are a proven economic multiplier – for every $1million invested, an additional $23m in benefits is returned. This is welcome news at a time when South Australia has recorded its lowest exploration investment figures in a decade.
“Exploration investment is critical to the discovery of new deposits and ensuring a continuing pipeline of resource projects. This new scheme is a timely and welcome solution to our sector’s concerns in this area and is something we have been calling for since the previous scheme was removed from the budget.
“We commend the South Australian Government and the Minister for Energy & Mining for listening to the concerns of the resources sector and reinstating this proven economic multiplier. This is good news for the resources sector and will have flow-on benefits for the State. We look forward to hearing details of this multifaceted approach to exploration in the State.”
Previous exploration incentives were responsible for the discovery and development of the $916m Carrapateena copper-gold body in the Gawler Craton, one of the largest copper reserves in Australia and the world. This discovery demonstrates the critical importance of mineral exploration in providing a pipeline of future mineral resources projects.
The South Australian resource sector is the engine room of the South Australian economy employing 26,000 people directly and indirectly, delivering $6.1 billion in production, $4 billion in exports and $237 million in royalties to South Australians.
Media contact:
Rebecca Knol, CEO SACOME, 0409 012 007
South Australian Government to fund exploration incentive
The South Australian Chamber of Mines and Energy (SACOME) welcomes today’s announcement by the South Australian Government of a $10 million ‘Accelerated Discovery Fund’ as part of the 2019-20 State Budget.
Having lobbied consistently for a Mineral Exploration Incentive to bring South Australia back to relative parity with other states, SACOME recognises this investment as crucial to securing South Australia’s resources pipeline.
Exploration incentive programmes previously operating in South Australia were responsible for catalysing an extra $700 million in mineral exploration investment between 2002 and 2014 and have contributed to an increase in State mining revenue of $2.4 billion over that time.
Rebecca Knol, Chief Executive Officer said “Exploration incentives are a proven economic multiplier – for every $1million invested, an additional $23m in benefits is returned. This is welcome news at a time when South Australia has recorded its lowest exploration investment figures in a decade.
“Exploration investment is critical to the discovery of new deposits and ensuring a continuing pipeline of resource projects. This new scheme is a timely and welcome solution to our sector’s concerns in this area and is something we have been calling for since the previous scheme was removed from the budget.
“We commend the South Australian Government and the Minister for Energy & Mining for listening to the concerns of the resources sector and reinstating this proven economic multiplier. This is good news for the resources sector and will have flow-on benefits for the State. We look forward to hearing details of this multifaceted approach to exploration in the State.”
Previous exploration incentives were responsible for the discovery and development of the $916m Carrapateena copper-gold body in the Gawler Craton, one of the largest copper reserves in Australia and the world. This discovery demonstrates the critical importance of mineral exploration in providing a pipeline of future mineral resources projects.
The South Australian resource sector is the engine room of the South Australian economy employing 26,000 people directly and indirectly, delivering $6.1 billion in production, $4 billion in exports and $237 million in royalties to South Australians.
Media contact:
Rebecca Knol, CEO SACOME, 0409 012 007