The fund will help in executing important local projects and secure NSW’s supply of valuable critical minerals and hi-tech metals
The New South Wales (NSW) government in Australia has announced the A$130m ($89.6m) Critical Minerals Activation Fund to draw mining and processing investment to the state.
The investment is being delivered as part of the 2022-23 budget of the government.
According to NSW Deputy Premier and Minister for Regional NSW Paul Toole, the Critical Minerals Activation Fund will help in executing important local projects. Besides, the fund will help secure NSW’s supply of valuable critical minerals as well as hi-tech metals for a quickly growing global market.
Toole said: “Our State’s abundance of resource deposits positions New South Wales to be a leader in critical minerals investment, supporting extraction and local processing. These critical minerals are essential for the manufacture of batteries, electric vehicles and other renewable technologies, paving the way to create thousands of regional jobs.
“The critical minerals and high-tech metals sector represents the future of mining, with significant flow-on benefits for other industries and regional communities. This new funding sends a strong message to surveyors, miners, and processors that New South Wales is open for business.”
The Critical Minerals Activation Fund follows a strategy announced last year for critical minerals and high-tech metals by NSW.
Under the strategy, the state government will set up a critical minerals Hub in the Central West, encourage exploration for critical minerals resources, stimulate the industry via proactive development of supply chains, as well as attract investment for critical minerals resources, downstream processing and recycling.
The NSW government stated that eligible applicants for the Critical Minerals Activation Fund will have to apply via a competitive process and offer a funding co-contribution.
In another development, another Australian state, Queensland is allotting nearly A$80m ($55.1m) to grow and transform its resources sector.
Queensland Resources Minister Scott Stewart said that the department budget will help expand and diversify the resources industry into the future, centred on good solid jobs and projects in the emerging new economy minerals sector of the state.