New program to encourage exploration in NSW
The New South Wales Government has launched a new critical minerals and high-tech metals exploration program in a bid to unearth the materials needed for a net-zero future.
NSW currently has 21 of the 31 minerals considered critical in Australia, with rare earth elements, scandium, copper, silver and cobalt named the state’s five priority metals.
To uncover these critical minerals, the NSW Government will commit $2.5 million to the program, which requires a 50 per cent co-investment from successful applicants.
The program will have four funding streams based on the key steps required to determine the scale of a critical minerals deposit.
The exploration geochemistry stream will see up to $50,000 per project and the exploration geophysics stream will see up to $70,000 per project.
Exploration drilling that’s less than 250m in depth will see up to $150,000 per project, and exploration drilling greater than 250m in depth will see up to $250,000 per project.
The new exploration program is part of the NSW Critical Minerals and High-Tech Metals Strategy 2024–35, which aims to encourage exploration by minimising investment risk in greenfield exploration and promoting exploration in new areas.
“This important funding will help get more explorers out into regional NSW to find new deposits of critical minerals,” NSW Natural Resources Minister Courtney Houssos said.
“The exploration program is about supporting a pipeline of investment, helping explorers with discoveries that can lead to new opportunities for mining, processing and manufacturing.”
The program was announced alongside Association of Mining and Exploration Companies (AMEC) chief executive officer Warren Pearce, who described the initiative as “a proactive approach” to encouraging critical minerals exploration.
“Exploration is undoubtedly the lifeblood of the mining industry,” Pearce said.
“It’s highly speculative, high risk but has also proved highly rewarding for Australia. We need incentives like this from the New South Wales Government to discover new critical minerals deposits.
“AMEC and our members welcome this co-investment fund from the state Government. It shows a high level of understanding and listening to the concerns of industry from Minister Houssos.
“If we can get it right at the ground level, New South Wales can position itself as a major player in the critical minerals space.”
Applications for the co-investment fund open on April 16 at 10am and close on June 30 at 5pm, with project completion required by September 30 2027.
A total of 190 exploration titles are currently being explored in NSW, and more than 10 critical minerals and high-tech metals projects are investment ready, requiring around $7.6 billion in capital to bring online.