PACE 2009
The Plan for Accelerating Exploration initiative, or PACE initiative, as it widely known, is now nearing the end of the fifth year of a seven year programme. It was designed to promote South Australia as a premier destination for mineral and energy investment and follows a long line of SA Government initiatives beginning with the SA Exploration initiative (SAEI) in the early nineties.
The PACE initiative followed from an Economic Development Board recommendation that in order to develop a truly significant minerals and energy sector the government needed to further invest in the sector, in order to bring forward or accelerate the rate of exploration leading to discovery. The success of that investment is now internationally recognised and the model has been emulated by other jurisdictions in Australia and overseas.
The development of PACE was guided by the following principles:
The potential for mineral resource development offers one of the best ▪▪opportunities for a step change in the state’s economic position.
Environmentally sustainable development principles underpin future ▪▪exploration and mining.
A blanket of barren material or “cover’ makes discovery in South Australia ▪▪inherently more difficult or risky therefore ongoing effort is needed to reduce that risk.
Investment depends largely on perceptions of South Australia’s mineral ▪▪and petroleum endowment, therefore we need to aim to be at the top of global prospectivity or mineral potential rankings.
A developing resources sector in regional and rural communities will ▪▪help to generate wealth and job opportunities in these communities.
Ensuring that land is accessible for high risk greenfields is critical and ▪▪therefore policies that promote sensible sustainable multiuser access are essential.
Innovation and training are key elements in executing this plan and ▪▪a focus on collaboration with industry, universities, and cooperative research centres will ensure maximum benefit and integrated delivery in the shortest possible time.
Four key outcomes were set in 2004 including:
Improved land access decision making under a multiple land use ▪▪framework.
South Australia is to be recognised as a world class centre of ▪▪excellence in the science and practice of exploring under cover.
A significant increase is required in private exploration expenditure in the ▪▪minerals, petroleum and geothermal sectors leading to new discoveries, opportunities for regional development, employment and exports.
The emergence of sustainable and vibrant indigenous communities ▪▪engaged in economic development in and around the mining sector.
This report summarises progress towards these outcomes.
- Page URL: http://www.pir.sa.gov.au/minerals/pace_2009
- Page Last Modified: November 8, 2011