The Tasmanian Government is boosting investment and job creation in the region through a new plan that will capitalise on exploration prospects for critical minerals in the State.
Minister for Resources Felix Ellis announced the State Government’s intention to develop a Tasmanian Critical Minerals Plan to best position the State to capitalise on emerging prospects.
“Round eight of the Exploration Drilling Grant Initiative (EDGI) scheme opens, and we have amended the funding guidelines to specifically encourage exploration for critical minerals such as tungsten, cobalt and rare earths, acknowledging the role of critical minerals for defence manufacturing and the world’s transition to net-zero emissions,” Minister Ellis said.
According to Minister Ellis, the strategy will aid in identifying on-island resources and driving investment and job growth, particularly in State regions, while protecting the environment and assuring a clean energy future.
“The new round of funding follows the success of the first seven rounds, and we are increasing the amount available for drilling costs by 40 per cent from $50,000 to $70,000. The additional $20,000 helicopter support also remains available if needed to undertake explorations in Tasmania’s more rugged and remote areas,” Minister Ellis added.
Minister Ellis stated that miners are confident and keen to invest in Tasmania because of the strong support of a majority State Government that believes in the industry.
“The ABS’s latest Labour Force Survey data shows that direct employment in the mining sector alone averaged 3400 in the 12 months to November 2022. That’s 700 more jobs than the long-term average for Tasmania,” he said.
He added that the mining sector, which accounts for about 65% of goods exports, supports 5900 employment and is critical to the shift to renewable energy.
“It’s a huge change from the dark days of the Labor-Green Government when two out of every three businesses in the State thought the Government was working against them,” he stated.
According to Minister Ellis, continued greenfield exploration was critical to ensuring the project development pipeline required for the industry’s long-term survival.
“Mineral exploration in Tasmania is now at its highest level in almost a decade thanks to our Exploration Drilling Grant Initiative, with expenditure reaching $36 million in the year to September 2022, a 111 per cent increase on the preceding 12-month period, and more than triple the Covid-induced low of 2020,” he said.
