Australian Resources Minister Keith Pitt on Wednesday announced a A$100-million funding boost for exploration, extending the junior minerals exploration incentive (JMEI) for another four years in a move to attract new investors.
The JMEI, which allows eligible companies to access tax incentives, encourages companies to explore for resources in untapped areas of Australia. To date, it has supported 85 junior exploration companies, half of which are headquartered in Western Australia.
“We need to ensure that we have a continuous investment pipeline for development across regional Australia,” said Pitt. “Our successful, stable and secure resources sector is underpinned by our world-class junior explorers.”
Mining industry bodies have welcomed the government’s commitment to support junior companies, stating that investment in early-stage greenfield exploration programmes is vital to the industry’s success.