Tasmania's financial windfall from mine leads to creation of future fund
In 2023, the Tasmanian government acquired 12 per cent of the shares of a struggling tungsten mine after its owner could not repay a $10 million loan. Since then, the price of tungsten has significantly increased, leaving the state government with a one-off financial boon.
In 2023, Tasmania's government secured a $10 million loan for the Dolphin tungsten mine, which had been dormant for over two decades. The mine, owned by Australian firm Group 6 Metals, began operating again under new management. The price of tungsten has soared since the mine's reopening. The government has now established a $20 million Recovery Fund for Regional Resilience to protect major industries against economic disruption and draw in new investment.
This fund will be funded by the $10 million investment the government made in the tungsten mine. The mine's recovery has been attributed to the government's support. Premier Jeremy Rockliff emphasized that the fund will help regional communities navigate workforce impacts and economic shocks, aiming to attract new investment and promote economic diversification.
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