SACOME makes Budget recommendations

24 May, 2024

The South Australia Chamber of Mines and Energy (SACOME) has urged the South Australian Government to implement additional measures to drive economic transformation in anticipation of the upcoming state budget.

Key Proposals

Critical Minerals Development Fund

SACOME has proposed the creation of a Critical Minerals Development Fund to leverage South Australia’s existing minerals processing capacity. This fund would work alongside the established Plan for Accelerating Exploration (PACE) to support the rapid expansion of critical minerals projects, meeting the rising global demand.

“Consistent, concerted effort is fundamental to realising the growth of the resources sector and transforming the state’s economy as envisioned by both SACOME’s member companies and the South Australian Government,” stated SACOME chief executive officer Rebecca Knol.

Industry-Government Collaboration

Rebecca Knol emphasised the importance of ongoing collaboration between industry and government. “Key to the transformation of the state’s economy is nurturing this collaboration, recognising that continued engagement on regulatory and policy matters is crucial to achieving our shared objectives.”

Support for Carbon Abatement Technologies

SACOME has also called for support for carbon abatement technologies. Specifically, hard-to-abate sectors like steel manufacturing will depend on carbon capture and storage (CCS) techniques to offset emissions. CCS not only reduces emissions but also positions Australia as a leading energy exporter and manufacturer of energy-intensive materials.

These measures are seen as essential steps towards fostering economic growth and ensuring South Australia’s competitiveness in the global market.