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Governement investment in geoscience

· 145 words, 2 min read

The Federal Government has committed to invest $566 million over the next decade in enhancing geoscientific research across Australia.

This will include the government’s initiative to create the first comprehensive map of Australia’s subsurface and seabed resources may uncover new opportunities for minerals development, particularly in remote and underexplored areas. Over 80 per cent of Australia remains under-explored, particularly at greater depths. Additionally, the announcement to map potential sites for clean hydrogen and carbon capture and storage underscores the pivotal role of advanced geoscience.

Such government investment will enable public access to a richer set of nationally consistent pre-competitive data offers a detailed investment prospectus for mining companies in de-risking exploration and supporting investment planning but also paves the way for more precise and productive exploration efforts. Precompetitive geoscience data and analysis supported 3.5 percent of Australia’s GDP in 2021, equating to about $76 billion.

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