Co-funded drilling program critical for Industry
The announcement made today for the opening of Round 19 of the Exploration Incentive Scheme's (EIS) Co-funded Exploration Drilling Program by Mines and Petroleum Minister Hon Bill Johnston, has been welcomed by AMEC.
“The EIS is an important program which encourages and supports vital greenfields exploration and we are very pleased to see this continue,” says Warren Pearce Chief Executive of the Association of Mining and Exploration Companies (AMEC).
“Increasing exploration requires targeted initiatives and AMEC has continuously advocated for co-funded drilling schemes from both State and Federal Government.”
“There are significant hurdles that companies experience in raising capital for greenfield exploration, and it’s pleasing to see the WA Government providing ongoing support through co-funded drilling.”
The EIS program provides $5 million a year to encourage drilling in greenfields and under-explored areas of the State. Explorers can receive a refund of up to 50 per cent for innovative drilling projects, with caps of $150,000 (multi-hole project), $200,000 (single deep hole), and $30,000 for prospectors.
“Following record lows, the industry is showing positive signs of economic recovery and growth, however more needs to be done to maximise Australia’s natural resource potential.”
“Increasing exploration and finding new discoveries is critical to building and sustaining a competitive and productive mining industry. Australia needs greater greenfields mineral exploration to discover future mines,” says Mr Pearce.