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Incentive scheme a win for explorers

Posted On September 3, 2013

Hon Bill Marmion BE MBA MLA

Hon Brendon Grylls MLA

  • Program offers refunds of up to 50 per cent of direct drilling costs
  • Exploration incentives boost WA's reputation as an attractive investment destination
  • Scheme funded via the Liberal National Government’s Royalties for Regions program

Mines and Petroleum Minister Bill Marmion today used his opening address at the 2013 AMEC Conference to announce round eight of the Liberal National Government’s highly successful Co-funded Exploration Drilling program.

“The Co-funded Drilling program provides incentives to drill in underexplored areas to ensure the continued economic prosperity of the State’s resources industry, particularly in the current financial environment,” Mr Marmion said.

The Minister said the State Government’s commitment to explorers under the Exploration Incentive Scheme (EIS) would reach approximately $130million by 2016-17.

As the flagship program of the EIS, the Co-funded Drilling program offers refunds of up to 50 per cent of direct drilling costs to explorers who have been successful in the competitive online applications process.

Regional Development Minister Brendon Grylls said the EIS, which was funded via the State Government’s Royalties for Regions program, helped to stimulate increased private sector resources exploration and partnerships across Western Australia.

“The scheme increases awareness of WA’s geology, boosts employment opportunities and encourages new mineral and energy discoveries,” Mr Grylls said.

Co-funding is capped at $150,000 for general multi-hole applications; $200,000 for a single deep hole application; and $30,000 for a prospector application.

The current round offers support to innovative exploration drilling programs undertaken in 2014 and is open for applications between September 3 and 5pm WST, October 11.

Established four years ago, the program offers two rounds of co-funding a year, and has already assisted various discoveries, including the Oxley potash, Nova nickel, Handpump gold, Yeneena copper and East Tropicana gold deposits.

Fact File

  • The EIS is funded via the Liberal National Government’s Royalties for Regions Program, which provided $100.6million between 2008-09 and 2013-14
  • More than 70 projects applied for funding in the previous round, which resulted in almost $7.2million offered to 61 drilling projects, including two prospecting projects

Source: ProjectLink.com.au

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