The Australian state is looking to invest AU$220 million in mineral exploration by mid-2023, and hopes to make a “significant” discovery by 2028.
A new mineral resource strategy has been released by Victoria’s government with the goal of bringing further investment in mining exploration in the Australian state.
The strategy, called State of Discovery, was launched by Minister for Resources Tim Pallas on Tuesday (August 28). State of Discovery sets out a target for total exploration investment of AU$220 million by June 2023, along with at least one significant mineral discovery by 2028.
According to a press release from the premier’s office, geoscience data and research has shown that Western Victoria could host copper, gold and other metals. The release says this potential could be “the catalyst” for a new wave of investment and a boost to jobs in local regional economies.
“The launch of the new strategy shows that we remain focused on responsibly growing the minerals sector to boost jobs in regional Victoria and continue to build Melbourne as an international mining hub,” Pallas said in a statement.
Mineral exploration in Victoria grew 79 percent in the year to March 2018, nearly three times the national rate. State of Discovery is looking to maintain and continue that growth in the sector.
The Minerals Council of Australia (MCA) released a statement on the strategy’s launch, with Executive Director Megan Davison highlighting how “blessed” Victoria is to have a diverse commodity base.
“State of Discovery provides an opportunity to grow the state’s minerals industry through greater investment attractiveness, more engaged communities and modern regulatory regimes,” it reads.
The MCA’s announcement also refers to the mining industry as a “significant contributor” to Victoria’s economy, explaining that it employed 121,000 people and made a total direct and indirect contribution to the state of AU$13.6 billion in 2015/2016.
Victoria has multiple other initiatives and programs focused on the resource sector, including its Low-emission Coal Program, which helps companies find innovative ways to reduce their carbon footprints.
The state also has the AU$15-million TARGET Minerals Exploration Initiative, which is considered one of Victoria’s main resource initiatives and strives to increase investment in exploration for gold, copper and other base metals.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.