Dáil Éireann Debate, Tuesday - 27 June 2023
142. Deputy Pádraig O'Sullivan asked the Minister for the Environment, Climate and Communications what incentives are in place to attract foreign investment into the domestic mining industry; the logic behind same; and if he will make a statement on the matter. [31208/23]
View answerMining is economically important to Ireland, particularly in rural areas as it provides direct and indirect employment as well as Exchequer funds. Mineral exploration and mining involve high levels of financial risk. In accordance with the Policy Statement on Mineral Exploration and Mining, Ireland’s policy is to attract international investment to these sectors, by providing investors with confidence through a stable regulatory environment, a competitive fiscal framework and high-quality national geoscience data.
Progress towards this objective is undertaken via Implementation Principles and Actions contained in the Policy Statement, specifically:
• Principle C2: To facilitate investment by private companies in exploration and mining activities, the regulatory process should be clear and transparent, fair, stable, with permissions obtained on a timely basis and providing security of tenure.
• Principle C3: Maximise the value to the Exchequer from mineral exploration and mining by ensuring that Ireland is competitive in attracting investment in the mineral exploration and mining sectors. In the context of the Geoscience Bill and the establishment of the Geoscience Regulation Office (GSRO) independently of the Department, Fiscal Framework for Mineral Exploration and Mining will be reviewed to ensure it is fair, equitable and consistent.
• Principle D3: Ireland’s geoscience data analytics and research capacity should be supported to deepen the available knowledge of Ireland’s geology for geothermal energy, minerals and water and other uses. Geological Survey Ireland (GSI) will, in discussion with GSRO, examine ways to further promote the compilation, availability and accessibility of mineral data, including to the public, and highlight the role that geoscience and technical data and can play in attracting investment.
• Principle E1: Promote our industry abroad as world class in terms of our expertise, sustainable mining practices and skilled workforce in order to continue to attract inward investment and facilitate Irish companies and personnel to compete for international contracts. Officials from the Geoscience Policy Division (GSPD) and GSI in my Department will represent Ireland at international conferences, exhibitions and other mineral related fora, such as the annual convention of the Prospectors and Developers Association of Canada (PDAC).
My Department will discuss the implementation of this Policy Statement at regular intervals with the Advisory Group on Mineral Exploration and Mining.
