Australia’s New South Wales (NSW) Government has announced the A$130m ($89.6m) Critical Minerals Activation Fund to draw investment into the state’s mining sector.
Being delivered as part of the NSW government’s 2022-2023 budget, the funds are expected to help deliver infrastructure needed for companies to operate in the region.
NSW Deputy Premier and NSW Regional Minister Paul Toole said the new fund is expected to help execute important local projects. The fund will also help secure NSW’s supply of valuable critical minerals, as well as high-tech metals for the growing global market.
Toole commented: “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.”
According to the NSW government, eligible applicants for the Critical Minerals Activation Fund are entailed to apply via a competitive process and offer a funding co-contribution.
Last year, the NSW government announced a strategy for critical minerals and high-tech metals to set up a critical minerals Hub in the Central West.
The strategy also encourages exploration for critical minerals resources, stimulation of the industry via proactive supply chain development, and secure investment for critical minerals resources, downstream processing and recycling.
In another development, the Queensland government announced nearly A$80m ($55.1m) in budget support to drive growth in the resources sector.