McGowan Government increases EIS funding in pre-Budget announcement
| Date: | Thursday, 05 August 2021 |
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- Every $1 million invested in the EIS results in a $31 million return
The McGowan Government will increase the Exploration Incentive Scheme by $2.5 million a year from $10 million to $12.5 million.
Starting in 2021-22, the increase in EIS funding will further incentivise investment in Western Australia's mining industry.
As part of the WA Recovery Plan, the EIS received a one-off funding of $5 million in 2020-21, which temporarily increased the EIS budget from $10 million to $15 million.
For the past two EIS rounds, the Department of Mines, Industry Regulation and Safety has received a significantly higher number of applications.
Previous EIS success stories include the discovery of the Nova nickel mine, the Tropicana gold mine, Gruyere gold mine and most recently the Bellevue Gold project.
A recent independent study, covering the first 10 years of the EIS, reiterated the robust economic benefits of the EIS, with every dollar invested resulting in a $31 return.
The EIS program is open to applicants twice a year and offers up to a 50 per cent refund for innovative exploration drilling projects.
Applications for Round 24 close at 4pm Friday August 27, 2021. For more information, visit: http://dmp.wa.gov.au/Geological-Survey/EIS-Government-co-funded-1433.aspx
Comments attributed to Mines and Petroleum Minister Bill Johnston:
"Western Australia's mining industry is thriving, so it's important that we strike while the iron is hot.
"This additional funding to $12.5 million a year could help find the next big resource discovery, which in turn leads to new mines and new jobs for Western Australians.
"The McGowan Government will continue supporting the exploration and resources industries as the State recovers from the COVID-19 pandemic."
