The Government has released a significant resources development strategy ahead of today’s (9 September) Budget, capitalising on the State’s natural resources to drive a diversified economy, support the regions and encourage sustainable development.
The strategy includes policies such as investing in regional areas, co-funding exploration, streamlining approval processes, and promoting entrepreneurship and investment opportunities.
Minister for Mines and Petroleum, Bill Johnston said the strategy would ensure Western Australia’s mining and petroleum industries continued to provide outstanding economic and social benefits to the community well into the future.
“We are committed to ensuring a best-practice regulatory framework remains in place to ensure the responsible and sustainable development of our State’s resources,” Mr Johnston said.
“We expect demand for WA’s minerals to continue to grow, driven by the global transition to a low carbon future and an increasing demand for electric vehicles.”
He said the State’s mining and petroleum industries had made a timely response to the pandemic.
“This has enhanced our global reputation as a reliable supplier and maintained our position as the engine room of the national economy,” the Minister said.
“The foundation for the success of the resources sector will, however, always be centred upon the State’s ability to continue to attract exploration investment.”
He said that to ensure this the Government had announced that as from 2021-22 the Exploration Incentive Scheme would increase by $2.5 million a year from $10 million to $12.5 million.
He noted the State was the global leader in the production of iron ore and lithium, the second largest exporter of LNG, and amongst the top five producers of gold, nickel, alumina, cobalt, rare earths and salt. Western Australia was also a major supplier of mineral sands.
“With exciting technological advancements in these areas, the true potential of the State’s resources sector is only beginning to be discovered,” Mr Johnston said.
The 47-page strategy can be accessed at this PS News link.
