- $5.23 million offered to 49 drilling projects, including seven prospecting projects
- Projects based in the Kimberley, Pilbara, Mid-West, Goldfields and South-West
The successful applicants for Round 21 of the State Government’s Exploration Incentive Scheme’s (EIS) Co-funded Exploration Drilling Program have been announced.
The Department of Mines, Industry Regulation and Safety received 61 applications, with 45 applicants offered co-funded drilling grants worth $5.23 million.
The applicants’ 49 projects stretch from the Kimberley and Pilbara in the north, through to the Mid-West, Goldfields and the South-West regions.
Almost a third of the successful general category applicants are searching for battery minerals, including one vanadium project and two rare earth element projects.
While seven successful prospectors are looking for gold, copper and base metals. The applicants will have 12 months to undertake the work – from July 1, 2020 to June 30, 2021.
The Co-funded Exploration Drilling Program, which provides incentives to drill in under explored areas, has resulted in significant scientific and economic results for the State’s resources industry.
The projects provide an extensive collection of drill core, which is stored at the Geological Survey of Western Australia’s core libraries – offering a valuable resource for explorers.
A recent EIS success story includes Capricorn Metals’ Karlawinda gold project, which has exceeded two million ounces in reserves.
For more information, visit https://www.dmp.wa.gov.au
“Round 21’s 49 successful projects was an increase on the previous round, which bodes well for the future of our resources industry as the McGowan Government works towards economic recovery after COVID-19,” Mines and Petroleum Minister Bill Johnston said.
“The amount of applications we received, reflect the strong interest in Western Australia as an investment destination for mineral resources.”
Country Liberal Government will simplify mining taxes to drive investment and jobs in the Territory
Leading into the Northern Territory’s 22 August state election, the Country Liberal Party Government has pledged to remove the current Government’s complicated hybrid mining tax model and implement an ad valorem royalty system to drive investment and job creation in the Territory.
The new system will make it easier for existing mining operations and prospective businesses to forecast royalty expenses, Opposition Leader Lia Finocchiaro said last week.
“Mining is such an important part of the Territory’s economy contributing $5.7 billion and supporting more than 7,000 jobs, but the Gunner Government isn’t allowing it to reach its potential with its hybrid tax model,” Mrs Finocchiaro said
“Currently the combined 20 per cent profits tax and ad valorem hybrid model isn’t working. This model is a huge deterrent to businesses investing here. The Territory needs to be an attractive destination for mining investment to create jobs for Territorians. Moving to an ad valorem only model will also bring the Territory in line with other Australian jurisdictions.”
A CLP Government will:
- Remove the hybrid mining tax model introduced by the Gunner Government in 2018, which has been a disaster for the Territory and has discouraged investment, cost us jobs and contributed to the worsening economic crisis we are facing.
- Institute an ad valorem only royalty system for all new mining operations in the Territory, based on the Western Australian regime.
- Phase in the ad valorem royalty system for existing mines, in consultation with industry.
“The introduction of a simplified royalty system will decrease administration costs for both industry and the Territory Government, potentially saving millions per year by reducing audit, legal and related costs. Under our model, prospective businesses will be able to more easily calculate how much they will have to pay,” Mrs Finocchiaro said.
“Last year’s Fraser Institute Annual Survey of Mining Companies, ranked the Northern Territory behind jurisdictions like Botswana and Turkey on investment attractiveness on policy perception. It’s not good enough.
“In the wake of COVID-19 we need to make a change to drive investment and create jobs. We need to jumpstart the Territory economy.
“The CLP is committed to cutting red tape and getting the Territory working again. An overhaul of our mineral royalty regime will serve as a signal that after four years of uncertainty and misguided priorities, the Territory will be open for business under a CLP Government,” Mrs Finocchiaro concluded.
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