The Association of Mining and Exploration Companies (AMEC) is pleased to see a A$17.7 million allocation in the New South Wales State Budget 2025 toward the new Investment Delivery Authority (IDA).
The association said the IDA is expected to assist approximately 30 large projects, bringing forward up to $50 billion of investment each year. The new authority will accept expressions of interest from projects valued over $1 billion. This could significantly assist projects for several AMEC members in NSW.
“Tasked with speeding up major projects statewide, the mineral exploration and mining industry looks forward to receiving further information about the IDA initiative,” said AMEC CEO Warren Pearce.
“It’s promising to see the government prioritising approvals for large projects. These are the types of defining projects that bring with them new opportunities, new jobs and new growth sectors across the state economy.
“The IDA has the potential to build investment confidence and attract international capital. Combined with the announcement of a Global Investment Summit later this year, there are strong synergies to promote NSW as a destination for investment.”
The budget also includes a royalty deferral of up to $250 million for eligible critical minerals projects in NSW. The deferral of royalties is over five years and forms part of the NSW Critical Minerals and High-Tech Metals strategy.
“The royalty deferral for critical minerals demonstrates an acute awareness for the strong headwinds and international tensions hitting many mineral commodities,” added Pearce.
“This is an important measure that AMEC advocated for, to provide support for this crucial part of our industry. It allows early-stage assistance for emerging critical minerals projects and companies that will play a significant role in the energy transition.”
Another promising initiative is $100 million funding to attract new investment, plan for post-mine land use, and undertake skills mapping through the new Future Jobs and Investment Fund.
Source: AMEC