Report shows significant contribution to WA economy
|Date:||Thursday, 19 March 2020|
From its humble beginnings in 2009, the Exploration Incentive Scheme (EIS) has continued to grow from strength to strength, bolstering Western Australia’s significant resources sector.
An independent economic impact report undertaken by Economics Consulting Services has identified a $5 million increase in the Gross State Product for every $1 million spent on the EIS program between 2017 and 2019.
The report showed there was a nine per cent increase in mineral exploration and prospecting tenements, and greater exploration expenditure than the preceding financial year for 2016-17.
One of the largest contributors to the ongoing contribution of the EIS to the WA economy was the 19 co-funded drilling successes which included gold, copper, graphite, nickel and zinc.
The most significant drilling success was the discovery hole by Draig Resources (now known as Bellevue Gold) of the Viago load at the Bellevue gold mining centre, north of Leinster. The report has estimated a net present value of $122 million. This is a multiplier effect of five times the $20 million allocated to the EIS program across the two financial years.
Applications for Round 21 grants are open until 5pm Friday, 27 March 2020, with successful proponents to be announced before the end of the financial year.