- MinEx CRC receives $50 million boost for mineral exploration research
- Mining and resources companies back it with $165 million
- Funding will be used for developing technologies to increase mineral discoveries
The McGowan Government welcomes the announcement that the Mineral Exploration Cooperative Research Centre's (MinEx CRC) $50 million funding request has been approved by the Federal Government.
This funding establishes a $215 million national research initiative aimed at developing technologies to increase the discovery of mineral deposits.
MinEx CRC will use the financial boost to create more productive, economical, safer and environmentally friendly methods to discover and drill out deposits.
The CRC will focus on proving the innovative Coiled Tubing drilling technology and acquiring previously unobtainable data on prospective rocks under deep, barren cover.
The announcement comes at a time of declining discoveries of new mineral deposits and increasing drilling costs, which are hindering Australia's exploration sector.
MinEx CRC is fortunate to have strong industry and research backing, with 34 companies, including BHP, South32, Anglo American and Barrick, committing $165 million (cash and in-kind) over the next 10 years.
The organisation will commence on July 1, 2018, and have dual headquarters in Perth and Adelaide; its chief executive officer Andrew Bailey will be based in Perth.
Comments attributed to Mines and Petroleum Minister Bill Johnston:
"I'm thrilled to hear that Western Australia is a major participant in a $215 million initiative for minerals research.
"The funding will create further opportunities in mineral discovery, support jobs and grow our world-leading mining equipment, technology and services sector.
"The McGowan Government, through the MRIWA, has committed $1 million to the MinEx CRC and I look forward to the contribution it will make to help explorers find the next big discovery."
Minister's office - 6552 6700