The Mineral Exploration Cooperative Research Centre’s (MinEx CRC) $50 million funding request has been approved by the Federal Government.
This funding establishes a $215 million national research initiative aimed at developing technologies to increase the discovery of mineral deposits.
MinEx CRC will use the financial boost to create more productive, economical, safer and environmentally friendly methods to discover and drill out deposits. The CRC will focus on proving coiled tubing drilling technology and acquiring previously unobtainable data on prospective rocks under deep, barren cover.
The announcement comes at a time of declining discoveries of new mineral deposits and increasing drilling costs.
A total of 34 companies, including BHP, South32, Anglo American and Barrick, have committed $165 million (cash and in-kind) to MinEx CRC over the next 10 years.
The organisation will commence on 1 July 2018 with dual headquarters in Perth and Adelaide. It’s CEO Andrew Bailey will be based in Perth.