WA Mines Minister Bill Marmion evoked the Nova nickel and Andy Well gold discoveries as examples of success for the state’s exploration incentive scheme (EIS), saying upcoming success would be underpinned by the national exploration development incentive (EDI).
Under the new federal budget, the government pledged $A100 million to boost smaller companies’ greenfields exploration.
This is expected to complement WA’s $30 million exploration budget.
“The $100 million we’ve invested in EIS since 2009 has already resulted in major discoveries and a big increase in valuable exploration information availabl3e to the WA mining and petroleum sector,” Marmion said.
“The new federal development incentive lifts that potential for junior miners, through tax offsets for investors.”
Round nine of WA’s EIS program has attracted 85 applications, with successful explorer to be announced later this year.
“The Nova deposit, discovered using a combination of Geological Survey of WA generated geophysical and geochemical information and supported with a co-funded drilling grant is now moving towards the mine development phase,” Marmion said.
“The combination of these state and federal incentive schemes will help maintain WA’s recent rating as the world’s top investment destination in the Fraser institute Survey of Mining Companies.”
WA’s co-funded drilling program accounts for up to $5.8 million a year of new funding.
