Unlocking of WPA to benefit mineral explorers

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Sino Iron, Australia Image credit: www.citicpacificmining.com

The Defence Legislation Amendment (Woomera Prohibited Area) Bill, which passed Federal Parliament last July, opened the door to explorers wanting to target the significant mineral resources in the area, said Mineral Resources and Energy Minister Tom Koutsantonis on Tuesday.

Sino Iron, Australia Image credit: www.citicpacificmining.com
Sino Iron, Australia
Image credit: www.citicpacificmining.com

The Minister said almost 60 exploration licences have been granted within the Woomera Prohibited Area (WPA) since the passing of legislation 12 months ago, paving the way for significant mineral discoveries in the resource-rich area.

“The legislation created a regulatory framework for access to the WPA that includes rules for explorers wanting to unlock an estimated $35 billion in potential gold, uranium and copper assets,” Mr Koutsantonis said.

“The level of interest shown by explorers since the legislation passed is extremely promising with 59 exploration licences submitted since last August – covering about 18,460 square kilometres. “

Adertisement

The WPA stretches over more than 127, 000 square kilometres and is thought to contain some of the world’s richest mineral and petroleum resources.

According to Geoscience Australia’s estimates, 62% of the country’s known copper resources and 78% of the nation’s known uranium resources are located in the area and its immediate surroundings.

Mr Koutsantonis said the role that former Senator for South Australia Don Farrell played in pushing for the development of an appropriate access regime to the WPA was instrumental.

“While defence remains the primary user of the area for testing and evaluation, the legislation sets out user access rights, an access permit scheme, compensation and cost recovery arrangements, enforcement provisions and an appeals process,” he added.