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Australia pumps A$50m into drilling research

Australia pumps A$50m into drilling research

Photo by Bloomberg

28th March 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Australian federal government on Wednesday announced a A$50-million investment into research aimed at better equipping the mining and resources sector to manage future challenges.

Resources and Northern Australia Minister Matt Canavan said the funding would come from the Cooperative Research Centre (CRC) programme that supports industry-led collaborations between industry, researchers and the community.

"I welcome the MinEx CRC [project], which will create new mining opportunities," Canavan said.

MinEx CRC’s research would include developing more productive, safer and environment-friendly drilling methods to discover and drill-out deposits, including coiled tubing drilling technology, as well as developing new technologies for collecting data while drilling, bringing forward mine production.

The project would also look at implementing the National Drilling Initiative – a world-first collaboration of Geological Surveys, researchers and industry that would undertake drilling in under-explored areas of potential mineral wealth in Australia.

The project’s current participants include Anglo American, Barrick Gold, BHP, South32, Atlas Copco, Sandvik, Geoscience Australia, Geological Surveys of New South Wales, South Australia and Western Australia, Curtin University, the universities of Adelaide, Newcastle, South Australia and Western Australia, Minerals Research Institute of Western Australia and Commonwealth Scientific and Industrial Research Organisation.

"This collaboration will provide new opportunities for mineral discovery in the resources sector and grow the mining equipment, technology and services sector,” Canavan said on Wednesday.

Meanwhile, the federal government has also announced the formation of the Resources 2030 Taskforce, which would be charged with identifying reforms to secure the resources sector's future.

“Mining has never been as important to the global economy as it is now. The modern world relies on a more diverse list of minerals for a greater range of products than at any other time,” Canavan said.

“There are more than 25 minerals or metals that go into the construction of a mobile phone, and 18 of them are produced in Australia. There are 16 minerals and metals that go into the manufacture of a solar panel, Australia produces 10 of them.

“The mining boom is not over. Mining is as important as it has ever been and its importance to the Australian economy is only likely to increase. 

 “Australia has a world-leading innovative resources industry that contributes significantly to the Australian economy and employs many Australians,” the Minister said.

“But to stay ahead of the game, we need to develop new ways of working, new ideas and new technologies.

“I have asked the taskforce to focus on policy areas that can attract investment, contribute to regional economic progress, build community support, cut red tape, find new minerals, and ensure that Australia gets best use of its mineral resources before they are exported.”

The Minerals Council of Australia has welcomed the formation of the taskforce, with interim CEO David Byers saying it was a welcome opportunity to forge a coherent and consistent policy framework to underpin the future success of Australia’s mining sector.

“The mining sector could perform at its best – generating additional benefits for the economy, the workforce and society – if policy reforms were developed, explained to the community and implemented following the government’s finalisation of its National Resources Statement by the end of 2018.”

The taskforce will be led by former Queensland Natural Resources Minister Andrew Cripps, and will include BHP’s Mike Henry and Whitehaven Coal’s Paul Flynn.

The taskforce's report will be used to develop a resources statement in the latter half of 2018.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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