Kris Butera, the Managing Director and founder of Plutonic Limited, has stirred the pot in Australia's mining sector yet again with a follow-up to his provocative critique of the mineral exploration industry's regulatory and operational inefficiencies. While his first LinkedIn post unapologetically lambasted entrenched practices, his recent updates takes a more constructive turn, offering solutions that aim to reframe how exploration is conducted, managed, and funded.
Cutting Through the JORC Jungle
Butera acknowledges the response to his original post was largely in alignment with his views but admits he might have overemphasised issues with the JORC Code. Nevertheless, his critique of JORC Table 1 as redundant and its five-year experience requirement for Competent Persons as an arbitrary hurdle resonated broadly.
Instead of stopping at critique, Butera proposes pragmatic fixes. He suggests reducing the Competent Person experience requirement to two years, empowering emerging talent while simultaneously streamlining the process. His approach is underpinned by the conviction that talent and results, not tenure, should define competence in exploration. As he bluntly puts it, “Exploration geologists exist to find mineral deposits, not to build five-year cranial geological databases.”
On the matter of JORC Table 1, Butera offers a more conciliatory stance, advocating for a shift in focus towards fostering sustainable funding and investments that alleviate the burdens of compliance. The undercurrent of his argument is clear: less bureaucracy, more discovery.
Addressing Systemic Flaws with Strategy
Butera turns a critical eye to the exploration sector’s fixation on geoscience at the expense of strategic risk management. His mantra is refreshingly straightforward: the ultimate goal is to find ore. He champions a multidisciplinary approach that integrates geophysics, geochemistry, and remote sensing into cohesive, testable target models. “Don’t be smitten with technical success,” he warns, emphasising the importance of investor returns over academic validation.
Butera also takes aim at the myth of "de-risked" advanced projects, suggesting that early-stage exploration remains the true driver of outsized returns. Discovery, he argues, is where the magic—and the money—happens, often in the first few drill holes.
Funding: From Shortfall to Sustainability
Funding is the lifeblood of exploration, yet Butera paints a picture of chronic underinvestment. He calls for a transformative funding model that recognises the time and financial commitments necessary for discovery. His proposed solutions range from tax-deductible pre-discovery exploration expenditures to establishing a Mineral Exploration Discovery-Focused Industry Council. Such initiatives, he argues, would bridge the gap between funders and explorers, expediting capital flow and facilitating discoveries.
One of his boldest proposals is the creation of a Bachelor of Mineral Exploration degree. This program would blend geology with corporate finance, entrepreneurship, and even bushcraft—essentially crafting a new generation of explorers equipped to navigate both the outback and the boardroom.
A Call to Arms (and Pocketbooks)
Butera doesn’t just want to be heard; he wants action. His parting call invites stakeholders to collaborate on these initiatives, underscoring the urgent need for innovation and reform in a sector vital to Australia’s economy and defence. He makes a compelling case that the long-term economic and strategic benefits far outweigh the short-term costs of reform.
Whether or not the industry answers Butera’s rallying cry, his posts are a refreshing mix of candour, insight, and practical vision. By offering solutions to the problems he so passionately critiques, he raises the bar for discourse on mining and exploration reform in Australia.
For an industry often criticised as resistant to change, Butera’s vision represents a clarion call to embrace innovation and a long-overdue reality check on what it takes to truly unearth Australia’s mineral wealth.
