Mineral exploration - vital to the future of NSW
Date: 02-Jul-08
Author: DPI
More than 120 mineral explorers from across Australia will gather at NSW Parliament House today to hear the latest information from geoscience surveys about opportunities in under-explored parts of NSW, Minister for Mineral Resources Ian Macdonald said today.
Minister Macdonald said the Exploration in the House annual seminar will discuss results from New Frontiers, the latest in exploration initiatives funded by the Iemma Government.
"Exploration is vital to the future of our State - it gives us an inventory to know precisely where our resources are located," he said.
"Every country in the world and every State in the nation is doing this vital research.
"Mining underpins our economy and the value of mineral production in NSW is worth more than $13 billion, while mineral and metal exports is worth more than $11 billion.
"The Department of Primary Industries is a partner with industry in the search for new mineral resources and today will present new information to stimulate the search for the mineral discoveries of the future."
Mr Macdonald said a key part of this year's State Budget was an additional $16.5 million for the highly successful New Frontiers exploration initiative.
"The Government has extended this important program for a further three years until June 2011 at $5.5 million a year," he said.
"Specifically we will be looking for mineral and petroleum opportunities in the frontier regions in the far west of the State, which are largely unexplored and have potential for the discovery of mineral and gas resources.
"NSW competes globally for exploration investment and New Frontiers makes this State internationally competitive."
The minerals industry employs 47,000 people directly and supports over 200,000 jobs throughout the State.
"The unprecedented minerals boom in NSW has brought new investment and created thousands of jobs in regional areas including in Orange, Parkes, Cobar, Nyngan, West Wyalong, and in the southwest of the State," Mr Macdonald said.
NSW exploration expenditure has increased dramatically with the March Quarter ABS figure of $52.3 million, an increase of over 60 per cent over the comparable period in 2007.
Media contact: Jenny Ward 8289 3925
