Kingston Resources Ltd (ASX:KSN) can access up to half a million dollars to support feasibility-level work at its Mineral Hill mine in NSW thanks to a new government grant.
The company secured funding support under the NSW Government’s Critical Minerals and High-Tech Metals Activation Fund, which includes a stream focused on project activation studies.
The $130 million fund is designed to accelerate investment and deliver on the NSW Government’s vision to position the state as a major global supplier and processor of critical minerals and high-tech metals.
It aims to support industry projects, such as a high-tech metals production hub at Mineral Hill, that are essential to achieving a zero-carbon future.
Moving ahead, the grant will co-fund feasibility work on Mineral Hill’s SOZ underground deposit, including geology, geotechnical studies, metallurgy, mine design and power and water management.
“Doing our part on the ground”
Commenting on the co-funding arrangement, Kingston Resources managing director Andrew Corbett thanked the NSW Government for the initative.
“We are delighted to have been successful in receiving funding from Stream 1 of the NSW Government’s Critical Minerals and High-Tech Metals Activation Fund for our final stage of SOZ development studies at Mineral Hill,” he said.
“Policies like the Critical Minerals and High-Tech Metals Activation Fund are essential to promote the development of new industries and we look forward to doing our part on the ground here in Central West NSW.
“With Stream 1 funding secured, work on finalising the Mineral Hill five-year plan is advancing rapidly. We look forward to providing the market with further updates in the coming weeks.”
Critical minerals “crucial to future technologies”
Deputy Premier and Resources Minister Paul Toole was in Far West NSW over the weekend to announce 19 organisations would share in more than $8.6 million under Stream 1 of the $130 million fund.
“Critical minerals and high-tech metals are going to be crucial to future technologies like advanced manufacturing, aerospace, ag-tech and renewables, and this fund will progress projects and support feasibility studies right across the state,” he said.
“Our $8.6 million investment is being backed in by industry co-contributions and together will drive $30 million of investment into growing the critical minerals sector in NSW.
“We’ve already made it easier for exploration companies to search for critical minerals and produce high-tech metals projects by removing the Mineral Allocation Areas as a key part of the NSW Government’s Critical Minerals and High-Tech Metals Strategy.
“Now, we’re turbocharging the industry by driving investment to deliver feasibility studies, field trials and environmental studies to get more projects off the ground.
“Our vision is to make NSW the number one investment destination for mining, exploration and advanced manufacturing, and we will continue to drive initiatives to achieve that.