Programs to ease finances
Mining and Exploration’s peak body is encouraging exploration companies to apply for government-assisted incentive programs when eligible, to make the most of financial benefits.
Programs flagged included the Exploration Incentive Scheme, a $130 million initiative aimed at increasing the private sector resource exploration, and the Exploration Development Incentive.
Association of Mining and Exploration Companies chief executive Simon Bennison said taking full advantage of the programs was crucial in assisting exploration companies’ financial woes.
“The State Government continues to demonstrate its commitment to encouraging investment in the minerals sector through the Exploration Incentive Scheme which includes the core library, competitive geoscience data and co-funded drilling programs,” he said.
“The co-funded drilling program must continue to be funded beyond the 2016-17 State Budget to provide certainty for investment decisions.
“The State Government’s commitment to reduce red tape and streamline approvals processes has been welcomed and should be expedited in order to realise the benefits,” he said.
He said greenfields mineral exploration was at historic lows and accounted for just 22 per cent of total mineral exploration metres drilled in the September 2015 quarter.
Mr Bennison said AMEC was working with the Australian Taxation Office and Federal Treasury to make incentives even more attractive to explorers and investors.