The Western Australian (WA) Government has launched the $40 million Sustainable Geoscience Investments package to accelerate critical minerals discoveries.
The critical minerals investment aims to guarantee WA is well-placed to capitalise on economic opportunities as the world works towards a net zero future.
The Sustainable Geoscience Investments package, included in the State Budget for 2023-24, addresses the growing need for critical minerals utilised in technologies like electric vehicles, energy storage, and solar panels.
“The transition to clean energy represents a once-in-a-lifetime opportunity for WA as economies around the world seek to secure their critical minerals supply chains,” Premier Mark McGowan said.
Premier McGowan claimed that no other Australian State matches WA’s commitment to mineral and energy exploration, and the State remains far ahead.
“This major investment in geoscience builds on the strong foundation of our world-leading resources sector, paving the way for growth in a low-carbon future,” the Premier added.
According to the State Government, WA currently produces half of the world’s lithium and is a major exporter of nickel, cobalt, manganese, and rare earth elements.
However, research indicates that the world’s known supplies of critical minerals are insufficient to meet future demand.
The McGowan Government’s $40 million commitment intends to build on previous accomplishments and expedite resource discoveries in the State with projects such as:
- a $16.1 million increase in the Exploration Incentive Scheme to encourage greenfield developments and the establishment of a new Geophysical Co-funding Program (GCP). The GCP will aid in better land-use decision-making by avoiding ground with little or no prospectivity;
- $6.7 million will be spent on an Industry Ready Program (IRP) to develop data analytics solutions for critical areas and commodities. The IRP will also fund up to three graduates per year to gain experience by working at the Geological Survey of WA;
- $6.2 million for magnetotelluric data acquisition to allow for more targeted investigation. This data will be beneficial when paired with passive seismic data acquired as part of the McGowan Government’s ongoing WA Array project;
- a $4 million boost to the Minerals Research Institute of Western Australia to enhance research and innovation in net zero and waste reduction programs;
- $3.3 million for Carlisle and Kalgoorlie core libraries to be updated and optimised, including new bionic lifting equipment; and
- $3.7 million to update and upgrade many of the online data services provided by the Department of Mines, Industry Regulation, and Safety (DMIRS).
“Accelerating exploration activity is crucial to our State’s future economic success, and I am confident this funding will help the industry unearth WA’s next big discovery,” Mines and Petroleum Minister Bill Johnston said.
Minister Johnston highlighted the need to continue to provide high-quality data for resource exploration for the State to maintain its global reputation as a reliable investment partner.
“WA’s resources sector delivered a record $231 billion of sales in 2021-22, and the bedrock of this success was the hard work put in by minerals exploration companies,” Minister Johnston added.
The Sustainable Geoscience Investments package will build on earlier initiatives to support green energy projects, such as the Green Energy Assessment Unit, Future Battery Industry Strategy, Diversification Leases for large-scale renewable energy projects, and continued investment in hydrogen.
WA has received over $9 billion in investment since the mid-2010s for various battery and critical minerals projects, including the creation of globally major mineral processing facilities.
