Australia’s NSW unveils $89m fund to boost mining investment

The Australian government of New South Wales (NSW) has announced the A$130 million ($89.6 million) Critical Minerals Activation Fund to attract investment into the state’s mining sector.

Being delivered as part of the NSW Government’s 2022-23 budget, the funds are expected to help provide the infrastructure needed for businesses to operate in the region.

NSW Deputy Premier and Regional Minister Paul Toole said the new fund should help deliver important local projects. The fund will also help secure NSW’s supply of valuable critical minerals, as well as high-tech metals for the growing global market.

Toole commented: “Our state’s abundance of resource deposits positions New South Wales as a leader in investing in critical minerals, supporting local mining and processing. These critical minerals are essential for the manufacture of batteries, electric vehicles and other renewable technologies, paving the way for the creation of thousands of regional jobs.

“The critical minerals and high-tech metals sector represents the future of mining, with significant benefits for other industries and regional communities. This new funding sends a strong message to surveyors, miners and processors that New South Wales is open for business.

According to the New South Wales government, eligible applicants for the Critical Minerals Activation Fund must apply through a competitive process and offer financial co-contribution.

Last year, the New South Wales government announced a Critical Minerals and High-Tech Metals Strategy to create a critical minerals hub in the mid-west.

The strategy also encourages exploration for critical mineral resources, stimulating industry through proactive supply chain development and securing investments for critical mineral resources, downstream processing and recycling.

In another development, the Queensland government announced nearly A$80 million ($55.1 million) in budget support to spur growth in the resource sector.

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