CRC for Transformations in Mining Economies (CRC-TiME)
Investment in mining and post-mining projects requires certainty in decisions in order to make informed decisions about the associated risks and costs. The effective relinquishment of mine sites is a critical issue that is both complex and costly and currently hinders confidence and certainty in mining investments.
A national, collaborative partnership between industry and research is being developed to address end user issues that will boost investment as well as regional sustainability through mine closure. The partnership will enable Australian Mining Equipment, Technology and Service (METS) companies to help capture the growing billion dollar global market in environmental restoration.
Addressing industry issues through a national partnership
Successful mine closure and relinquishment is a complex and expensive process; significant costs are associated with making the transition to a sustainable post-mining economy. Liabilities can amount to billions of dollars, in addition to other economic and social costs that are borne by industry, governments and communities. With only a few examples of successful mine closure, there is considerable uncertainty in closure-related investment, planning and decision making that ultimately impacts on investment in new projects and post-mining ventures.
A 10-year research partnership in the proposed CRC will bring together mining companies, METS sector, governments and communities to make a step-change that will enable the effective closure and relinquishment of mine sites.
Industry challenges drive research priorities
National cooperation to address these issues will:
• enable regions and communities to transition to a prosperous and sustainable post mine future;
• deliver a key component of the National Resources Statement;
• provide greater certainty post mine to drive investor confidence and social development in one of Australia’s most important industries; and
• create technology and process solutions that will position Australian METS companies to access global business opportunities and facilitate post-mine transitions.
By building world leading capability in managing these transitions, the CRC will support investor confidence and contribute to Australia’s vision:
“To have the world’s most advanced, innovative and successful resources sector which delivers sustained prosperity and social development for all Australians.” (National Resource Strategy, 2019)
The CRC will bring 50 partners together to address these challenges and build innovative solutions.
An experienced bid committee comprising key end user participants that represent mining companies, the METS sector and government is overseeing the bid.
A research committee will access world-leading capabilities from the bid research partners to develop innovative solutions that address end user challenges.
A secretariat will undertake project management, stakeholder engagement and the development of the bid application. It includes members from: CRC CARE, University of Newcastle, University of Queensland, University of Western Australia, NSW Department of Planning and Environment, Economic Futures and the Western Australian Biodiversity Science Institute (WABSI).
Dr Guy Boggs (WABSI) is Deputy Chair of the Bid Committee.
A number of participants have already expressed support for a bid. The greater the participation, the more competitive the bid.
Participate now and help shape priorities that can address your specific challenges.
Some of the benefits of participation include:
• Lower cost of capital
• Better protection of reputation
• New METS opportunities for a global market in mine site restoration
• Leveraged funding for technology development
• Eligibility for research and development tax credits (seek independent advice on your organisation’s eligibility)
• Creating future leaders and talent
• More cost effective solutions to mine closure
• Greater certainty around mine relinquishment
• Regional economic development
• Stronger and more trusted relationships within the industry
Want to get involved?
Ask us for a prospectus to get more details about the bid and to see how you can participate.