The Minerals Council of Australia today welcomes the federal Government's commitment to invest $566 million over the next decade in enhancing geoscientific research across the nation.
This commitment marks a significant milestone in the MCA's longstanding advocacy for increased funding to Geoscience Australia. Enabling public access to a richer set of nationally consistent pre-competitive data offers a detailed investment prospectus for mining companies but also paves the way for more precise and productive exploration efforts.
Over 80 per cent of Australia remains under-explored, particularly at greater depths.
The government's initiative to create the first comprehensive map of Australia's subsurface and seabed resources will uncover new opportunities for minerals development, particularly in remote and underexplored areas.
The availability of enriched pre-competitive data allows for better planning and sequencing of future private investments in the minerals mining and processing industry and the infrastructure needed to support their development.
Additionally, the announcement to map potential sites for clean hydrogen and carbon capture and storage underscores the pivotal role of advanced geoscience in these important decarbonisation technologies.
This funding not only reflects previous recommendations from the MCA -which advocated for expanded and permanent support for Geoscience Australia-but also reinforces the essential role that pre-competitive geoscience data plays in de-risking exploration and supporting investment planning.
Such data is crucial for maximising the economic returns from Australia's rich mineral endowments. Precompetitive geoscience data and analysis supported 3.5 percent of Australia's GDP in 2021, equating to about $76 billion.
The next generation of discoveries in minerals, energy, and groundwater will not only bolster Australia's pathway to net zero but will also attract substantial investment, create jobs, and secure essential resources for our future.
The MCA looks forward to continuing our work with government and industry partners to advance these critical projects, which are foundational to Australia's economic future.
