PERTH (miningweekly.com) – The mining industry has lauded a decision by the Victorian state government to invest some A$31.7-million into the state’s resources sector over the next four years.

Energy and Resources Minister Nicholas Kotsiras said more than A$19-million of the funding announced in the 2013/14 Victorian State Budget, would be directed toward reinvigorating the state’s mining industry by driving a new wave of exploration and reducing barriers to investment.

“Mining has a proud tradition of contributing to the Victorian economy and society and the Coalition government is determined to ensure it has a vibrant future,” Kotsiras noted.

“Our vision is for a strong and prosperous mining industry that delivers jobs and investment in regional Victoria and makes a significant contribution to the economy, while respecting the rights of landholders and protecting the environment.”

The Minister believed the funding would deliver on the Coalition government’s response to the Economic Development and Infrastructure Committee’s inquiry into greenfield mineral exploration and project development in Victoria, which would be released soon.

A further A$4.2-million would be spent on dealing with mine stability risks at major coal mines in the Latrobe Valley.

Kotsiras said this funding would speed-up work on specific projects that have been identified as priorities and increase the on-ground oversight and technical capacity of the Department of State Development, Business and Innovation to deal with highly complex mine stability issues.

He added that government was boosting resources to ensure action was taken quickly to tackle the most urgent mine stability risks in the Latrobe Valley, adding that government was already working to improve the management of mine stability risks.

“With this funding, we are stepping up our efforts to reduce the risk of failures at mines that could affect infrastructure, public amenity and private property. This A$4.2-million will be spent on dealing with the most urgent mine stability issues and building the Coalition government’s capacity to identify and respond to mine stability risks.”

The state government would also extend A$8.3-million in funding for Clean Coal Victoria over four years.

The Association of Mining and Exploration Companies has welcomed the Victorian government’s budget, with CEO Simon Bennison saying that the government was taking a long-term approach to its budget and policy development.

“This announcement highlights that the state government is taking the current need for greenfield exploration very seriously,” he said.