Exploration Incentive Scheme to continue
|Date:||Thursday, 10 May 2018|
Exploration in Western Australia will continue to benefit from the Department of Mines, Industry Regulation and Safety’s (DMIRS) Exploration Incentive Scheme (EIS) after the State Government today announced it would extend the popular project beyond 2019-2020.
The multi-million dollar EIS initiative aims to stimulate private sector investment in resource exploration, especially in the State’s frontier petroleum basins and remote underexplored regions.
DMIRS Geoscience and Resource Strategy Executive Director, Jeff Haworth said the EIS provides significant support to resource exploration in Western Australia and a number of economic benefits.
“The EIS adds to our geological knowledge of the State, helps diminish risk for future explorers and improves exploration efficiency,” Mr Haworth said.
“EIS funding has also supported many of the department’s achievements across mapping, business systems and geoscience.”
The EIS Co-funded Drilling Program will continue to be allocated a total of $5 million per annum. The remaining $5 million will be for the acquisition of high-quality pre competitive geoscience data, which will be freely accessible to the industry.
The funds will be raised through an increase in the Mining Tenement Rent, which will support mineral and petroleum exploration.
To ensure the EIS maintains its focus on the future requirements of Western Australia’s resource industry, DMIRS will re-establish its previously successful two-tiered consultative process.
“The EIS is popular and effective, which underlines the quality of the scheme and Western Australia’s reputation as a mining destination of choice,” Mr Haworth said.
More information on the EIS is available on the DMIRS website.