RDC Announces $3 million to be Invested in Mining and Exploration R&D Over Three Years

ST. JOHN'S, April 1, 2014 /CNW/ - The Research & Development Corporation (RDC) today announced the renewal of the GeoEXPLORE program, with $3 million available for investment in mineral and petroleum-related research and development (R&D) projects over the next three years.

"We are a mineral and petroleum-rich province whose resources are being developed into commodities for the global market. Our mineral sector is currently worth approximately nine per cent of the province's GDP. Through RDC's GeoEXPLORE program, I am confident we are laying the foundation for continued growth in the province's mineral and petroleum sectors."
- The Honourable Terry French, Minister of Innovation, Business and Rural Development and Minister Responsible for the Research & Development Corporation

To date, RDC has invested $2.8 million in the mineral exploration, mining and petroleum sectors through the GeoEXPLORE program. Based on the success of the program to date and recognizing the importance of R&D to exploration success and industry competitiveness, the GeoEXPLORE program has been renewed until March 31, 2017. 

"RDC's GeoEXPLORE program focuses investment in geoscience research to advance mineral and petroleum exploration and development. These sectors represent priority sectors for research and development in Newfoundland and Labrador. The renewal of GeoEXPLORE will support continued, focused R&D in industries which are critical for economic growth in the province. 
- Glenn Janes, Chief Executive Officer, Research & Development Corporation

The GeoEXPLORE program has three elements: collaborative research; industry-led, technology-driven R&D; and post-doctoral research. Through targeted investment, RDC is helping ensure projects align with industry needs, development opportunities and potential for economic impact. For more information about RDC's research and development investment programs, visit www.rdc.org

The Research & Development Corporation is a provincial Crown corporation responsible for improving Newfoundland and Labrador's research and development performance. RDC works with research and development stakeholders including business, academia and government agencies and departments to make strategic investments in highly qualified people, R&D infrastructure and innovative research. Additional information about RDC can be found at: www.rdc.org.

Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries and building a vibrant economy.

QUICK FACTS

• RDC has renewed its GeoEXPLORE program, making $3 million available for investment in mineral and petroleum-related research and development over the next three years.
• The GeoEXPLORE program is designed to enhance geoscience R&D capacity, collaboration and industry innovation.
• The program seeks to reduce exploration risk, increase discovery success and support innovation through to resource development.
• The program is designed to increase production, recovery and process efficiency through technological enhancements, a better understanding of deposit/reservoir characteristics and reduced environmental impacts.

SOURCE: Research & Development Corporation

Chris Flanagan, Director, Marketing & Communications, Research & Development Corporation, 709-758-1021, 691-1009, [email protected]; Heather Maclean, Director of Communications, Department of Innovation, Business and Rural Development, 709-729-4570, 697-4137, [email protected]