26 November 2007

Mining Industry investment set to boost partnership

Victoria’s $5 billion earth industries sector is set to receive a boost thanks to a new $2.5 million Brumby Government initiative to support increased investment and employment in mining, Minister for Energy and Resources Peter Batchelor said today.

Mr Batchelor announced a new round of exploration permits would be granted through the Rediscover Victoria Drilling Project, speaking at the opening of the new Minerals Council of Australia offices in Melbourne.

“Through the Rediscover Victoria Drilling Project the Brumby Government will work with industry on a strategic drilling program to explore parts of the state where little exploration has occurred,” Mr Batchelor said.

“The Brumby Government will provide up to $2.5 million over four years to assist industry with exploration drilling for a range of resources, which will help accelerate the chances of successful discovery.

“The Victorian earth resources industry is worth more than $5 billion to our economy and employs more than 10,000 people in Victoria. New exploration and discoveries will ensure these numbers continue to grow.”

Mr Batchelor said those applying for the funding would have to meet all relevant regulatory approvals before drilling could begin, including rigorous community consultation and environmental conditions.

“Exploration drilling for base metals, including lead, nickel, copper and zinc, as well as gold and mineral sands, will be priorities,” Mr Batchelor said.

“All successful proposals will have to be carried out in accordance with work plans approved by the Department of Primary Industries which include environment and safety requirements.

“The latest geoscience analysis predicts the existence of a wealth of untapped resources in Victoria, this partnership between Government and investors will ensure that resource potential is explored.

“The drilling project is part of a two pronged initiative. Another $2.5 million is to be spent on the development of a sophisticated 3D geological model of Victoria, which is currently underway.

“Information gathered from the exploration drilling will be released and feed into the 3D modelling project to ensure potential investors are better informed about Victoria’s potential.

“The Brumby Government is committed to ensuring the mining and exploration industry in Victoria continues to grow and Victoria’s mining potential is realised, but is also committed to ensuring that exploration and exploitation work takes place sympathetically with the surrounding environment.”

Applications for the first of three rounds of funding open today and close on 11 January 2008. This first round, the smallest of the three, will make up to $400 thousand dollars available. More information on the Rediscover Victoria Initiative is available at www.rvd.dpi.vic.gov.au.