The Federal Government has passed legislation that will unlock potential mineral resource discoveries and developments in the region of the Woomera Prohibited Area (WPA) worth up to $35 billion.
The Defence Legislation Amendment Bill 2014 — which was passed on Thursday following an extensive consultation process with industry stakeholders including resource companies, pastoralists and other parties seeking to access the area — creates a regulatory framework for access to the WPA, including rules for exporters wanting to develop the significant mineral resources in the area.
Mineral Resources and Energy Minister Tom Koutsantonis has welcomed the passing of the new legislation, saying it holds the key to attracting further significant investments and generating thousands of jobs for the region.
“These new rules will free up access to an estimated $35 billion worth of gold, uranium, copper and iron ore that lie beneath the surface of the WPA. The region already hosts the Challenger gold mine, Prominent Hill copper gold mine and Peculiar Knob, high-grade iron ore mine,” Mr Koutsantonis said.
“A new access regime will allow the development of multiple mineral deposits across the breadth of the WPA, potentially transforming it into one of the country’s most significant resources provinces. That means millions of dollars in further investment and hundreds of jobs for South Australians.”
The WPA — which stretches over 127,000 square kilometres — is thought to contain some of the richest mineral and petroleum resources in the world, including 62% of the country’s known copper resources, as well as 78% of the nation’s known uranium deposits.
Mr Koutsantonis said the State Government has taken significant steps to unlock the potential of the region.
“Earlier this year, we released a major package of geoscientific data for the highly prospective Gawler Craton to assist explorers wishing to assess the potential of the WPA. In the 2014–15 State Budget we also committed to a $44 million suite of initiatives for the resources sector. This included the development of a world-class resources precinct at Tonsley with a new State Drill Core Reference Library at its heart, as well as the expansion our PACE (Plan for Accelerated Exploration) scheme,” he said.
“We recognise that every new hole drilled brings us closer to our next major discovery, which is why these initiatives will assist in maximising the potential of the WPA. This is a win-win for the important principles of Multiple Land Use and co-existence between the vital industry sectors of resources and defence, which will drive economic growth and prosperity in the next decades.”
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