NSW Eyes Critical Minerals Investment In 2021-22 Budget
The New South Wales Government has pledged almost $200 million for mining industries and communities as part of the state’s 2021-22 budget, including a focus on critical minerals exploration.
Deputy Premier and Minister for Regional New South Wales, Industry and Trade John Barilaro said the Government would focus on attracting investment and mapping out critical minerals projects to encourage economic growth and jobs.
“The state of mining in NSW is rock solid – through the challenges of recent years, the sector kept people employed and economies going, and while coal isn’t going anywhere soon, it’s time to consider the mineral opportunities that lie ahead,” he said.
“The global race is on to locate the critical minerals and high-tech metals, such as the copper, cobalt and nickel that we will need to manufacture electric vehicles, batteries, mobile phones and other future technologies, and NSW has a significant mineral endowment.”
The NSW Government has provided $107.7 million over ten years to remediate old mine sites as part of the budget.
“With more than $100 million included in this year’s budget, remediation works will now be carried out across ten years at higher risk historic and abandoned mine sites in regional NSW, primarily in locations where production ceased between 50 and 100 years ago,” Barilaro said.
“Remediation at these locations will increase safety, reduce impacts to the environment and reinvigorate land for other possible uses, such as for community parklands, to create tourist attractions and accommodate select business operations.”
The budget has also delivered $34.5 million to grow mining and exploration investment, $33.6 million to regulate mine and petroleum site safety, $13.2 million to deliver robust assessment of exploration and mining title applications and calculation of royalties, and $9.2 million for regular compliance inspections.
The budget has also forecast mining royalties to be $1.6 billion in 2021-22, which is $51.1 million higher than forecast in its 2020-21 half yearly review.
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