The 2023-24 NSW Budget has been released, reflecting the Government’s commitment to the mining and resources sector.
The Budget includes $5.2 million to establish Future Jobs and Investment Authorities. This will also assist coal-producing regions to develop new industries and economic opportunities as the state pushes for renewable energy.
Geological surveying has also been included in the Budget, with $27.5 million allocated to encourage critical mineral exploration in the state. It is hoped that the data will define areas of mineral or energy potential.
A total of $142.5 million has been allocated across the Natural Resources portfolio, including $113 million over four years for mine work health and safety. Legacy mine risk reduction has been allocated $48.5 million.
NSW introduced its new Critical Minerals Strategy earlier this month to provide the framework for the critical minerals and high-tech metals mining industry while providing certainty and direction for the growing industry.
The new document will include a sharper focus on domestic manufacturing, skills and training opportunities.
“I’m excited by the opportunities created by critical minerals in NSW. The new strategy will ensure the state is able to best realise the gains of the next mining boom,” NSW Minister for Natural Resources Courtney Houssos said.
“NSW is uniquely positioned to support global supply of critical minerals with our diverse mix of critical mineral and high-tech metal deposits and capacity to promote domestic processing and manufacturing.”