The government of Australia has revealed its intention to make a $50 million investment for the funding of research in mining to curb any potential problem the mining industry may face in future. The Minister for Resources and Northern Australia, Matt Canavan, and the Assistant Minister for Science, Jobs and Innovation, Zed Seselja, made the announcement to the public in a recent interview. According to the two public office holders, the Cooperative Research Centre program (CRC) will be authorized and saddled with the responsibility of making the fund available, and distributing it through grants.
Canavan said that the aim of MinEx CRC is to encourage and deliver productive and safer drilling methods that are equally environmentally friendly. There is also a plan to introduce new technologies in the collection of data during drilling of rocks which have never been sampled all over the continent. Creation of jobs is another aspect which the CRC has in mind, because it will go a long way to help in sustaining the resources of the country’s industry and also make sure job security for the Australian people is guaranteed.
In a statement made by Seselja, this investment is a segment of a massive government program of about $4.4 billion to boost industrial innovation and research in Australia. The country’s coalition government has made this program one of its major focus points to show to the world its commitment in the improvement of competitiveness, sustainability and productivity of industries in Australia.
Furthermore, the falling prices of commodities in the mining industry, according to Canavan, has weighed heavily on the mining sector for about three years now, but hopes that this state of things will soon be a thing of the past. The country has experienced tough times these past few years and there have been reduction in iron and coal processing. Iron and coal were the two commodities largely mined in Australia. However, there are good indications that things are turning around for the country.
From the PDAC 2018 conference held in Toronto, Canavan revealed that the discussion on the discovery of new minerals were among the many areas of potential investment the conference looked into. Lithium, one of the minerals, has been a commodity in high demand, and Australia has tripled its production of lithium to become the world’s largest producer now.
In a report ‘Mining in Australia 2017 to 2032’ published in support of mining in Australia, BIS Oxford Economics wrote that mining in the country will experience its best year in 2018. Production will more than double this year, compared to what was obtainable in 2017. The massive investment in oil and gas is now yielding good results as production has finally increased. Australia hopes to emerge as leader in the exportation of Liquefied Natural Gas (LNG) by 2022, according to a BIS Oxford Economics reporter, Rubhen Jeya. It is predicted that in the next five years, the country’s economy will make much improvement due to growth in mining production.
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