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Resources Victoria releases “Toward 2030” strategy

Resources Victoria (RV) has released its “Toward 2030” strategy outlining some clear signposts for industry about the future direction of the resource sector in Victoria. RV’s priorities include increasing investment in Victoria’s earth resources, including new critical minerals, and building confidence in the performance of the earth resources sector in Victoria and its regulation. RV focus areas for 2024 include:

  • Applied geoscience and evidence base
  • Policy and guidance
  • Licensing and regulation
  • Promotion and facilitation

More information is available in the Resources Victoria March 2024 Newsletter.

Regulator waivers exploration licence conditions

To help unlock Victoria’s resource potential and reduce requirements to industry, the Earth Resources Regulator is waiving the need for licensees to progressively reduce their exploration area.  From 1 April 2024 to 30 June 2025 the waiver will automatically be granted to licensees meeting their licence requirements.  Licensees who fail to deliver their obligations will still be required to progressively relinquish land over the course of their licence, as outlined in Section 38A of the Mineral Resources (Sustainable Development) Act 1990.  The Earth Resources Regulator encourages Victorian licensees and authority holders to ensure they are up to date with all the requirements of their work plan, including submission of annual reports, payment of fees and rent.

ABS data sees exploration expenditure drop further

The most recent quarterly Australian Bureau of Statistics (ABS) Mineral Exploration Expenditure Data shows exploration spend in Victoria continues to fall to its lowest level since September 2019, with a 3.8% decrease in exploration expenditure during the December quarter 2023 to $30.7M (SepQ23: $31.9M) and a drop of 28.3% on the previous corresponding period (DecQ22: $42.8M).

Exploration investment in Victoria (greenfields and brownfields) for the 2023 calendar year was $151.8M, down 24.5% on the previous year (CY22: $201.1M), and down 15.3% on the 2022-23 financial year total ($179.3M). Expenditure for the final six months of CY2023 was down around 30% on the first six months of CY2023 and for the same period in CY2022.

Exploration expenditure in new (greenfields) areas has fallen almost 37% year on year, extending on the over 40% drop across the previous 12 months (2021), while Victoria’s share of the national exploration budget has dropped 28% over the 2023 calendar year from 5% to 3.6%.


New Resources Minister Appointed

Following the recent State election, the Rockliff Liberal Government announced the Cabinet appointment of the Hon. Eric Abetz MP, the Liberal member for Franklin, as Minister for Resources.  In addition to the Resources portfolio, Mr Abetz is also Minister for Business and Industry, and Minister for Transport. He is also Leader of the House.  Mr Abetz is a former Federal government senate leader and lawyer, who today runs a successful advisory consultancy in addition to serving on several boards.

AMEC looks forward to working with the new Minister and in maintaining its strong working relationship with the Tasmanian government and the continued development and success of the Tasmanian resource and minerals industry.