The PACE initiative began in April 2004, with four key outcomes set:
- Improved land access decision making under a multiple land use framework.
- South Australia is to be recognised as a world class centre of excellence in the science and practice of exploring under cover.
- A significant increase is required in private exploration expenditure in the minerals, petroleum and geothermal sectors leading to new discoveries, opportunities for regional development, employment and exports.
- The emergence of sustainable and vibrant indigenous communities engaged in economic development in and around the mining sector.
The original $22.5 million 5-year initiative aimed to build upon the work of the Resources Industry Task Force and previous government initiatives such as the South Australian Exploration Initiative (SAEI), the Broken Hill Exploration Initiative (BHEI) and the Targeted Exploration initiative, South Australia (TEiSA). In 2007, PACE was extended by two years and $8.4 million bringing total funding to $30.9 million over 7 years (2004–2011).
The PACE initiative received the 2007 Premier's Award for Growing Prosperity in South Australia for its success in bringing rigour and strategic focus to the exploration investment sector of the resources industry.
For more information, contact:
Mr Miles Davies
Phone: +61 8 8463 3159
Mrs Tania Davies
Phone: +61 8 8463 3012