News release: Tom Koutsantonis, Minister for Mineral Resources and Energy, Thursday 17 November 2016.
A leading industry survey has identified South Australia as the second most attractive investment destination for minerals exploration in Australia, with only Western Australia achieving a higher rating.
The Grant Thornton Jumex Survey, an annual survey of 80 junior mining and exploration companies, has found that 40 per cent of respondents rated South Australia as an attractive state for new mineral investment.
The report also found that there had been an improvement in market conditions in South Australia for junior miners, and that gold was likely to attract investment in 2017, a significant opportunity for a state such as South Australia with substantial gold deposits.
The State Government partners with mining exploration companies every year through the PACE grant program. In August about $3.5 million in grants were awarded to 26 mineral exploration projects, predominantly in frontier areas in South Australia’s north, across a wide range of commodities.
The State Government earlier this year announced a Copper Strategy aimed at tripling copper production to one million tonnes, or $8 billion each year. In a positive step towards achieving that goal, construction recently began on the 5.5 km exploration tunnel at the massive Carrapateena copper ore body being developed by OZ Minerals.
The new Tarcoola gold mine also received development approval last week, with WPG Resources set to create 40 jobs over the life of the mine. Prominent Hill and Olympic Dam continue to be significant producers of gold, with more than 100,000 ounces mined at each site per annum.
Quotes attributable to Mineral Resources and Energy Minister Tom Koutsantonis
South Australia has a rich endowment of minerals and the State Government is committed to working with explorers to unlock those resources and create jobs in our economy.
That is why we commit millions of dollars each year to partner with explorers to make new discoveries through the PACE grant program.
These survey results are a very good sign of confidence in South Australia and it is pleasing to see that so many investors see South Australia as an attractive place to develop new mining projects.
We have a world-leading regulatory framework in place in South Australia that is free from political interference and provides certainty to explorers and miners, which is extremely important if we are going to realise the full potential of this sector.