Since 1996, a decline in spending on minerals exploration spending in Australia, coupled with significant structural changes to the industry, has reduced access to capital, expertise and other resources. As a result, the country has failed to respond sufficiently to the global upswing in exploration.
The minerals industry provides 5.6% of Australia’s gross domestic product, some 241,000 direct and indirect jobs, and A$43.8 billion in export revenue. It also contributes significantly to remote and regional communities through infrastructure development, jobs and other benefits, and underpins a growing mining technology services sector.
The Minerals Exploration Action Agenda (MEAA) is the culmination of a process launched by Australia’s Ministry for Industry, Tourism and Resources in 2002. The MEAA recommends four strategies for improving the exploration industry in Australia, an overview of which follows:
— Land access — The MEAA calls for the streamlining of all legislative and administrative requirements for mineral tenure and native title. There is also a need for mining education in local communities, regional agreements for native title and heritage protection, and changes to the Aboriginal Land Rights (Northern Territory) Act of 1976.
— Finance — The Australian government would review taxation options supporting efforts to raise money for exploration. One item being considered is similar to the flow-through shares system in Canada.
The MEAA also recommends a reduction in costs for exploration companies with a small market-cap listing on Australian exchanges.
— Geoscience — The MEAA recommends an improvement to online access to geoscience information in order to encourage investment. In addition, government geoscience agencies and professional associations would develop nation-wide standards, plus systems that provide Internet-based access to data.
— Human resources — Industry and government would promote networks designed to improve the quality of teaching and research for the minerals exploration sector in schools and training centres.
What’s more, the Australian government is considering ways of giving earth sciences a higher priority in the elementary school curriculum. The government will create an industry-led body to carry out these changes in an effort to underpin a competitive minerals industry in Australia.
— The preceding is an edited version of an information bulletin published by the Australian government.
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