The Australian Drilling Industry Association (ADIA) congratulated the Australian prime minister on signing a multi-billion-dollar minerals deal with the U.S. The $8.5 billion deal announced in the U.S. will provide a significant boost to the Australian mining sector, and ushers in a new era of value adding in mineral processing.
Commenting on the deal, Prime Minister Anthony Albanese talked up the benefits for Australia’s mineral sector. “Ours is about not just digging them up and exporting them. How do we have benefit across the supply chain?” he said.
“It is commendable to see a deal of this magnitude negotiated by the Australian government, which will further strengthen the bond between Australia and our key strategic partner, the U.S. This is a significant milestone for the Prime Minister and Resources Minister Madeleine King and their hardworking teams. It delivers on the election promises related to critical minerals and sets Australia up as a key global supplier for years to come,” ADIA CEO, Jeff Miller said.
ADIA president, Tim Westcott, says that the Australian mineral drilling industry stands ready to deliver. “Despite the recent uptick in the gold exploration sector, ADIA’s latest drill rig utilization survey data shows there is still idle capacity in the industry that can be put to work. Longer term, if we are to maximize the value of the minerals deal with the U.S. we will have to ensure skilled labour shortages are addressed, and the industry continues to train our workers to the highest national standards,” he said.
The Australian drilling industry has an estimated value of $4 billion, with a direct contribution of $2.16 billion to the nation’s GDP. Almost 300 drill contractors in Australia employ over 12,000 staff, with more than 2,300 permanently based in regional or remote communities. The drilling industry is essential to unlock nearly $500 billion in economic activity across the mining, water and construction industries.