WA Co-funded drilling program driving growth of Industry
23 August 2019
The opening of Round 20 of the Exploration Incentive Scheme's (EIS) Co-funded Exploration Drilling Program by the Mines and Petroleum Minister Hon Bill Johnston MLA, has been welcomed by the Association of Mining and Exploration Companies (AMEC).
“The EIS is an important program which encourages and supports vital greenfields exploration,” said Warren Pearce, Chief Executive of AMEC.
“Increasing mineral exploration requires targeted initiatives and AMEC has continuously advocated for co-funded drilling schemes from both the State and Federal Government.”
“There are significant hurdles that companies face in raising capital for greenfield mineral exploration, and it is fantastic to see the Western Australian Government providing ongoing support through co-funded drilling.”
“Programs such as the EIS have proved essential to attracting matching private investment for greenfield exploration, and have a proven record of success in making new discoveries which lead to new mining projects”.
“The EIS has helped find a long list of deposits including Nova nickel, Gruyere gold, Tropicana East gold, Handpump gold, Webb diamonds, Oxley potash, Camelwood nickel, Yeneena copper, McIntosh graphite, Dusk Til Dawn gold and Millennium zinc.”
“Increasing exploration and making new discoveries is critical to building and sustaining a competitive and productive mining industry. Australia needs greater greenfields mineral exploration to discover future mines.”
“Mineral exploration underpins our future as every mine began as a mineral exploration project,” said Mr Pearce.
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.