Round 20 EIS projects announced
The Round 20 recipients of the Western Australian State Government’s Exploration Incentive Scheme (EIS) co-funded drilling program were announced today, with $4.9M allocated to 41 successful projects across a wide range of commodities and geographical locations.
“The co-funded drilling program helps exploration companies leverage matching private funding to undertake greenfield drilling, helping to bring additional investment into Western Australia,” said Warren Pearce, Chief Executive Officer, Association of Mining and Exploration Companies.
“Following record lows, the industry is showing positive signs of economic recovery and growth, however there are significant hurdles that companies experience in raising capital for greenfield exploration.”
A Government funded ACIL Tasman study into the effectiveness of the EIS found that every $1 million invested stimulates exploration activity generating $10.3 million in direct benefits for Western Australia. The study found that every $1 million spent under the EIS generated 12.5 full-time jobs in minerals exploration for three years.
“The Exploration Incentive Scheme is a highly successful State Government program that encourages greenfield drilling, and this is a significant reason Western Australia continues to be the leading jurisdiction in the rankings in the Fraser institute Survey,” said Mr Pearce.
The Co-funded Exploration Drilling Program offers up to a 50% refund for suitable innovative greenfield exploration drilling projects, capped at specific amounts. The Round 20 recipients can be found here.