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Highlights
- Victorian government strengthens mining sector with key initiatives.
- Approvals for critical minerals projects streamline development.
- Local companies highlight transformative policy impacts.
The Victorian mining sector is gaining significant momentum as the government introduces transformative initiatives to bolster the industry. Recent developments, including streamlined approval processes and support for critical minerals projects, are expected to strengthen the state's position as a key player in the global mining landscape.
The announcement of the Critical Minerals Roadmap marks a pivotal moment, as highlighted by the Minerals Council of Australia (MCA). This roadmap positions Victoria as a reliable supplier of strategic minerals, essential for modern technologies. According to the MCA, approvals for projects such as mineral sands mark a milestone for mining and regional development in the state.
Streamlining Approvals
Key reforms include an overhaul of the Environmental Effects Statement (EES) process, reducing timeframes and ensuring efficient approvals for new projects. The retention of the Resources Victoria Approvals Co-ordination (RVAC) with a focus on critical minerals further solidifies the government's commitment.
James Sorahan, MCA Victoria’s executive director, emphasized that these measures send a clear signal of Victoria's readiness for growth in sectors like rare earths and antimony. With demand for these minerals on the rise, Victoria is aligning itself with global needs.
Economic Growth Initiative
The government’s economic growth statement has drawn praise from Southern Cross Gold (ASX:SXG), with managing director Michael Hudson acknowledging its potential to attract investments. He highlighted reforms to cut EES timeframes to 18 months as a transformative initiative that balances economic progress with environmental standards. This development ensures that Victoria remains competitive and attractive for major projects in critical minerals and other sectors.
Boost for Mineral Sands Projects
Victoria’s renewed focus on mining mineral sands and rare earths has spotlighted two significant projects: the Goschen project by VHM (ASX:VHM) and the Avonbank project by WIM Resource. These approvals mark a new era for mining in Victoria, diversifying regional economies and establishing a foundation for sustainable development.
VHM's CEO Ron Douglas described the ministerial endorsement for the Goschen project as a major step toward achieving key project milestones. Following years of rigorous evaluations, the mining licence application will now proceed for final assessment by Resources Victoria.
This progressive approach, backed by comprehensive studies and streamlined processes, underscores Victoria's readiness to welcome new investments in mining and critical minerals, setting a strong foundation for future growth.
