WA Govt continues mineral exploration investment
The Western Australian Government has continued its investment in mineral exploration by adding considerable funding to the Exploration Incentive Scheme (EIS). Applications are open for Round 25 of the EIS’ highly popular co-funded drilling program and Series 3 of the Energy Analysis Program (EAP).
Explorers can receive a refund of up to 50 per cent for innovative drilling projects, with updated capped values of $180,000 for a multi-hole project (previously $150,000), $220,000 for one or two deep holes (previously $200,000) and $40,000 for prospectors (previously $30,000). The co-funded EAP offers up to a 50 per cent refund for up to $50,000 per application.
The co-funded drilling program encourages innovative exploration in greenfields and under-explored areas of Western Australia, while the EAP promotes the re-analysis of existing data to better understand the State’s petroleum and geothermal systems. Round 25 and Series 3 close at 4pm on Friday March 4, 2022. For more information, visit https://dmp.wa.gov.au/Geological-Survey/Exploration-Incentive-Scheme-1428.aspx
Mines and Petroleum Minister Bill Johnston said the State Government recognised that ongoing exploration success is essential for the sustainability of Western Australia’s resources sector.
CREDIT: Mining News
State Government Bolsters Exploration Funding
The Western Australian Government has increased its contribution to the Exploration Incentive Scheme (EIS) by $2.5 million, just days after it opened for applications. Starting in 2021-22, the increase in EIS funding from $10 million to $12.5 million will aim to further incentivise investment in Western Australia’s mining industry.
Mines and Petroleum Minister Bill Johnston said Western Australia’s mining industry is thriving.
“This additional funding to $12.5 million a year could help find the next big resource discovery, which in turn leads to new mines and new jobs for Western Australians,” he said.
Chamber of Minerals and Energy Western Australia chief executive Paul Everingham said exploration is absolutely critical to the long-term success of the mining and resources sector in the state.
“Projects around the state, which provide jobs for hundreds of thousands of Western Australians and so many community and economic benefits, all have to start somewhere – and that start is often exploration,” he said.
“As highlighted in today’s announcement, the Nova nickel mine, the Tropicana gold mine, Gruyere and the Bellevue Gold Project have all originated from the Exploration Incentive Scheme.
A recent independent study, covering the first 10 years of the EIS, reiterated the robust economic benefits of the EIS, with every dollar invested resulting in a $31 return.
Applications for Round 24 of the EIS close at 4pm on Friday August 27.