AMEC welcomes Federal Labor commitment to fund Exploring for the Future

29 April 2019

Today’s announcement by Shadow Minister for Resources, the Hon Jason Clare MP, that if elected Federal Labor will commit $75 million to extend the funding to Exploring for the Future program has been welcomed by the Association of Mining and Exploration Companies (AMEC).

“We have been advocating for the continuation of funding for this important program which is helping to better position Australia to uncover new mineral resources for development,” says AMEC Chief Executive Officer, Warren Pearce.

The 2019 Federal Budget (Portfolio Budget Statements 2019 20 - Budget Related Paper No. 1.11 - Industry, Innovation and Science Portfolio page 138), stated that the Exploring for the Future program would conclude in 2019-20.

“When combined with the creation of an Australian Future Mines Centre, announced by Federal Labor in February, this will ultimately help industry better target its exploration efforts and overtime lead to new discoveries that will become future mines.”

The continuation of the program was also a recommendation of the Resources 2030 Taskforce, which recommended that “The federal government should expand the Exploring for the Future program to make it a national initiative.”

AMEC has strongly supported the recommendations made by the Resources 2030 Taskforce.

“Australia needs greater greenfields mineral exploration to discover future mines, and there is a real need to increase mineral exploration as the discovery rate has been in slow decline for the last decade.”

“Each new discovery that leads to a mine creates jobs, royalties and government revenues as well as a wide range of economic and community benefits,” said Mr Pearce.