STATE BUDGET EXPLORATION FUNDING - A WELCOME PARTNERSHIP APPROACH

The Minerals Council of Australia, Victorian Division welcomes the Victorian Government’s plan to unlock the state’s mineral potential to be announced in tomorrow’s state budget.

The proposal to allocate $15 million to the TARGET initiative to drive minerals exploration through a grants system for industry co-funded drilling and surveying will help develop Victoria’s significant mineral endowment.

The MCA has been strongly advocating for this partnership approach to exploration for a number of years.

This initiative was also a key recommendation of the recent Parliamentary Inquiry into Greenfields Exploration and Mineral Development in Victoria.

The Government accepted all recommendations and committed to delivering a suite of actions to achieve higher levels of investment in exploration and resource development.

Exploration expenditure is declining globally and has significantly reduced in Victoria over the past few years.

This announcement represents much needed investment in further understanding the state’s geology and will hopefully identify new mineral deposits that can bring economic and employment prosperity to Victorians.

The minerals industry looks forward to working with the government on the implementation of this important initiative.

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