Mining Exploration Incentive proves popular
FORTY-SIX mining companies will share in $31 million to explore for Australia’s mines of the future.
The funding comes under the Australian Government’s Junior Minerals Exploration Incentive (JMEI) for 2018-19.
The initiative offers a total of $100 million over four years from 2017-18 to allow greenfields exploration programs to distribute their tax losses as a credit to Australian resident shareholders.
The figures were announced today by Minister for Finance Mathias Cormann and Minister for Resources and Northern Australia Matt Canavan, who described the funding decision as “a real shot in the arm for minerals exploration in Australia”.
“This scheme is giving smaller, or ‘junior’, exploration companies a strong incentive to explore new areas for mineral deposits and that’s something Australia needs, despite the strength of our existing mining industry and its major contribution to the national economy,” Minister Canavan said.
“The fact is that Australia has not seen a world-class mineral discovery for nearly two decades. Australia needs to increase exploration now to secure a pipeline of projects for the future and remain competitive with other prospective nations. It is crucial that new greenfield deposits are discovered and the JMEI is one way the Government is tackling this issue.
Minister Cormann said a total of $31,532,069 had been allocated for the 2018-19 round, with individual amounts to 46 companies ranging from $82,500 up to $1.576 million.
He said companies have responded enthusiastically to the incentive for this round to the extent it has been ‘over-subscribed’, meaning not all applications were successful.
Mr Cormann said it indicated an “upswing in confidence” among mining companies, who were prepared to get out in the field and spend money on exploration activities.
Read the full release here.
$2m boost to discover new Tasmanian mines
TASMANIA’S mining sector has received a boost with the 2018-19 Budget including $2 million for the new Exploration Drilling Grant Initiative.
The state’s mining and minerals processing is a key economic pillar, responsible for 55 per cent of our exports or more than $1.5 billion a year.
The funding will support increased ‘greenfield’ mineral exploration through funding 50 per cent of direct drilling costs incurred on approved programs.
“This sits alongside ongoing programs including our $1.4 million Geoscience Initiative, which aims to provide geoscientific data that will underpin the industry’s future, and our $1 million Mining Sector Innovation Initiative, which will see exciting new technologies, solutions to mine rehabilitation and other cutting edge projects explored,” Minister for Resources Guyt Barnett said.
“The Budget also includes continued funding for the Mineral Exploration Investment Attraction Plan, which promotes mining and exploration in Tasmania to a national and international market.”
Exploration initiative grabs miners’ attention
A record number of applications have been received for the Northern Territory Government’s Geophysics and Drilling Collaboration program.
The program is part of the $26 million Resourcing the Territory initiative, encouraging more exploration and create more jobs had proven popular with the industry.
The $26 million funding initiative will be accessible over the next four years and is the biggest investment by any Territory government into programs to attract and support resources exploration, Minister for Primary Industry and Resources, Ken Vowles, said.
“This investment in our future will provide new geoscience data that will lead to the discovery of future resources projects – projects that will create jobs for Territorians,” he said.
“More than $1.27 million from this round will fund 15 projects from 12 different companies.
“Improvements to the Geophysics and Drilling Collaboration program were made based on feedback from explorers,” Mr Vowles said.
“They include 33 per cent more funding overall, an increase in funding for diamond drilling programs from $100,000 to $125,000 per project, and up to $10,000 per project in additional funding to support service and supply by Territory-based companies.”
The projects are expected to create jobs in remote areas across the Territory and will target commodities such as gold, zinc, copper, nickel and cobalt.
The successful applicants are Prodigy Gold, Marindi Metals, MMG Exploration, Todd River Resources, Walhallow Creek, Vista Gold, PNX Metals, Red Metal, Independence Group, Gempart, Lagoon Creek Resources and Northern Cobalt.
Read the full release here.
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