Mineral exploration expenditure in Tasmania has hit a new record, with the latest Australian Bureau of Statistics (ABS) figures showing $43.1 million was spent in the 2023 financial year.
The jump marks a 31 per cent boost in mineral exploration in the state, which Tasmanian minister for resources Felix Ellis said is the highest level on record.
“The mining and mineral processing sector is a key pillar of the economy and contributes more than $2.8 billion a year in exports and supports more than 5800 jobs,” he said.
“We know the world will need the key and critical minerals that Tasmania has to help power the global shift to renewable energy and to support defence manufacturing.”
Ellis pointed to programs like the Tasmanian Government’s exploration drilling grant initiative (EDGI) and geoscience initiative as examples of its commitment to growth in the industry.
“The EDGI grants provide co-funding for greenfield targets that may lead to the discovery of Tasmania’s next new mine,” he said.
“Since the program began, there have been eight rounds released, with funding provided facilitating more than 16,000 meters of drilling.
“It is pleasing to see that the greenfield exploration investment of $5.3 million is the highest in a decade.
“The $2 million geoscience initiative is providing new data to underpin and de-risk the next generation of mineral exploration.”
Resource production is ramping up in Tasmania with a recent feasibility study between the Tasmanian Government and the Rotterdam Port Authority marking the state as a potential green hydrogen powerhouse.
The state hopes to begin exporting green hydrogen by 2030, with the study confirming conditions in the island State for production, domestic use and export are world-class.