The New Frontiers Cooperative Drilling Program has received additional funding to further support explorers locate new deposits of critical minerals and long-term mining sustainability, to the tune of $1.5 million.
The funding will further strengthen New South Wales’ position as a leader in critical minerals and high-tech metals exploration and mining, and support the essential deposits needed for renewable technologies such as batteries and electric vehicles.
New South Wales Deputy Premier and Minister responsible for Resources, Paul Toole, said the new program was part of the State Government’s commitment to promoting exploration investment and supporting the long-term sustainability of the sector.
“Critical minerals and high-tech metals represent a new frontier for mining in New South Wales, with the potential to generate thousands of jobs and billions of dollars in investment supporting our regional economies and communities,” Mr Toole said.
“Stimulating exploration will ensure New South Wales is prepared for surging demand for critical minerals in the future global economy, and now more explorers than ever before can access the funding, with eligibility to be expanded to include exploration geophysics.
“By encouraging exploration, we are improving our understanding of the state’s mineral resources to fully realise its economic potential.”
The commitment follows last week’s 2022-23 Budget announcement of $130 million for a new Critical Minerals and High-Tech Metals Activation Fund, which will entice mining and processing investment in New South Wales.
Round Five of New Frontiers comes one year after the previous round and builds on the $8.4 million announced for the program since 2014. It is the first time the program is being run in consecutive years.
Applications for Round Five of the New Frontiers Exploration Program open on 1 September 2022 and close 31 October 2022.
