A $130 million Critical Minerals Activation Fund to attract mining and processing investment to New South Wales has been delivered as part of the state’s 2022-23 budget.
Deputy Premier and Regional NSW minister Paul Toole said the fund would help deliver key local projects and secure the state’s supply of valuable critical minerals and hi-tech metals for a rapidly expanding global market.
“Our state’s abundance of resource deposits positions NSW to be a leader in critical minerals investment, supporting extraction and local processing,” he said.
“The critical minerals and high-tech metals sector represents the future of mining, with significant flow-on benefits for other industries and regional communities. This new funding sends a strong message to surveyors, miners, and processors that NSW is open for business.
“Last year I announced the Critical Minerals and High-Tech Metal Strategy in Dubbo, with the intention of making NSW the number one investment destination for critical minerals mining and advanced manufacturing. This Critical Minerals Activation Fund is a crucial step towards making our vision a reality.”
Toole said the Fund would also deliver essential infrastructure to help companies set up and operate in NSW.
“By establishing essential infrastructure, such as roads and improving connectivity, the Fund will not only attract investment but help drive local job creation and boost regional economies,” he said.
“It will also focus on development pathways to upskill and train future workers who will be needed to work at critical minerals mines and in processing.”
Eligible applicants will be required to apply through a competitive process and provide a funding co-contribution.