The Western Australian Government has decided to double its Exploration Incentive Scheme (EIS) to $18 million.
The EIS aims to support Western Australia projects via direct co-investment in drilling programs, provision of pre-competitive scientific information as well as support for research and development activities.
The Association of Mining and Exploration Companies (AMEC) welcomes the state government’s decision and says it shows a strong commitment to the exploration industry in Western Australia.
AMEC notes this assistance will help grow the mineral exploration sector, create new projects that will generate more jobs and open up more opportunities for the community.
Acting CEO Neil van Drunen says doubling the money doubles the chance that Western Australia will discover more minerals, further leading to more mines and more jobs.
“As we look to replenish end of life mines with new greenfield exploration discoveries, we need to support mineral exploration — a long-term, high-risk activity,” van Drunen says.
The EIS was first rolled out in 2009 and since then has provided $102 million in grant funding.
“For every $1 million invested in the EIS, there is an estimated $31 million returned to the WA economy,” van Drunen says.
The boost in funding also includes an extra $2.5 million for the purchase of specialist equipment for DEMIRS. This includes technology targeted to help reduce exploration costs and accelerate exploration.
The scheme is managed by the Department of Energy, Mines, Industry Regulation and Safety through the Geological Survey of Western Australia.
AMEC is also advocating for the Junior Minerals Exploration Incentive (JMEI) to continue beyond 2024.
A recent BDO report showed that between 2017 and 2024, $182.2 million in JMEI tax credits delivered a net-positive impact on the Australian economy of $769 million in GDP value.
Write toAaliyah Rogan at Mining.com.au
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