Today’s announcement by the Federal Government that it will inject a further $125 million into Geoscience Australia’s Exploring for the Future (EFTF) program will boost the Western Australian resources sector’s efforts to help support the nation’s economic recovery from COVID-19.
The Chamber of Mineral and Energy of Western Australia’s (CME) Chief Executive Paul Everingham said the program’s detailed mapping of geological structures to identify potential mineral deposits would help facilitate a new wave of exploration activity across Western Australia.
“Exploration is the lifeblood of future resource development,” Mr Everingham said.
“Without ongoing investment in exploration activities, many resources would remain undiscovered, stifling the growth and prosperity of the sector and the economy into the future, risking employment, investment and government revenue.
“The long-term future of the resources sector in Australia requires a healthy pipeline of active exploration of the State, however this is costly and capital intensive.
“Programs that assist in the exploration process such as Exploring for the Future are critical in helping resources companies to explore greenfields areas and facilitate new mineral discoveries in uncharted regions.”