The Western Australian Government has launched a state-first Resources Community Investment Initiative (RCII), which will facilitate investment in iconic state infrastructure projects as well as community and social initiatives.
Established with founding partners Rio Tinto, BHP, Hancock Prospecting, Roy Hill, Atlas Iron, Woodside Energy, Chevron Australia and Mineral Resources, the initiative provides a State Government-backed platform for direct contribution to iconic infrastructure and social projects in the WA community, aimed at making the state a better place to live for generations.
Premier Marc McGowan said the initiative recognises the ongoing collaboration between the WA Government and local resources sector and the state’s strong response to COVID, which had helped to maintain WA’s position as the economic powerhouse of Australia.
The initial commitments total $750 million from Rio Tinto ($250m), BHP ($250m), Hancock Prospecting, Roy Hill and Atlas Iron ($100m), Woodside Energy ($50m), Chevron Australia ($50m) and Mineral Resources ($50m).
“Government will work with The Chamber of Minerals and Energy of WA and other companies to encourage additional investment from across WA’s vibrant resources sector,” McGowan said.
An initial pipeline of projects has already been identified, including the Aboriginal Cultural Centre, the Perth Zoo Master Plan, the Remote Aboriginal Communities Fund, the Perth Concert Hall redevelopment and additional contributions to Telethon.
It will also extend to include transformational programs across WA, to enable companies to collectively contribute to achieving long-term social and economic outcomes in the regions they operate in, in areas such as education and training, health, Aboriginal wellbeing and energy decarbonisation projects.
Each company will decide the projects they wish to nominate funding to and individual agreements will be established with agreed milestones.
An advisory committee, comprising of an independent chair as well as government and industry representatives, will be convened to oversee the initiative and ensure the highest standards of governance.
Rio Tinto Iron Ore chief executive Simon Trott said the company wanted to leave a lasting, positive legacy wherever it operated, and this initiative would build on more than 50 years of work helping to create thriving and resilient communities across WA.
BHP WA Iron Ore asset president Brandon Craig said BHP had a long and proud history in WA, and welcomed the collaborative approach taken by the WA Government and the mining industry to strengthen its significant contribution to the state.
Hancock Prospecting executive chairman Gina Rinehart said the group had invested in programs and infrastructure in WA over many years and was pleased to make a further $100m contribution through the RCII.
MinRes managing director Chris Ellison said as a proud WA company, MinRes was continuing to grow, creating jobs and building projects in the State. “It is only natural that we support an initiative that is building a better future for all Western Australians,” he said.
WA Premier Mark McGowan said he was looking forward to seeing some iconic state projects delivered, with the ongoing support of the mining partners.
“I applaud them for their contribution and leadership as founding partners of this initiative, which will have lasting benefits for generations,” he said.
“With our strong economic position, our state is in the best position to set ourselves for the long-term and make Western Australia an even better place to live.”