The MRF was introduced on a voluntary basis in July 2013 to phase out the previous system, under which the government held performance bonds as security to ensure miners met their site closure obligations.

Under the current scheme, companies have access to funds accrued through an annual levy on tenement holders to assist with rehabilitation efforts at abandoned mine sites — of which there are around 17,000 in WA.

Copper and gold exploration company Great Western Exploration recently ticked the total returned by the fund past one billion when it retired some bonds.

Mines and Petroleum Minister Bill Marmion said the fund had been a great success in WA.

“The fund is a big winner for jobs and the industry during this challenging time for our resources sector,” he said.

“This money was previously tied up in environmental bonds but is now back with companies and helping boost their exploration and mining activities.”

A number of bonds continue to be retained for high-risk projects and companies which have previously failed to comply with environmental conditions. These companies are still required to contribute to the levy.

A number of WA government initiatives have been introduced in recent times as incentive for explorers, including a free digital map of the region, an ebookshop providing free access to thousands of geological titles and the continued implementation of the Emissions Incentive Scheme.

In September, figures released by the Association of Mining and Exploration Companies revealed exploration spending in Western Australia had resisted a national decrease of 7.5% by jumping 2.5% from March to $247.7 million.