The Association of Mining & Exploration Companies (AMEC) has congratulated the WA State Government for its commitment to introduce a $80 million, four year exploration incentive program.
Speaking at the RIU Explorers Conference in Fremantle today, Minister for Mines and Petroleum
Norman Moore confirmed he and his Cabinet colleagues were in the process of finalising the detail of a $20 million per annum, four year program aimed at increasing mineral exploration in WA.
AMEC Chief Executive Simon Bennison said his organisation had been advocating for state-based incentives to help redress the serious decline in Western Australia’s share of national exploration expenditure over the last decade and ensure the State has a royalty ‘pipeline’ for the future.
“AMEC is very pleased that the new Liberal-National Government has adopted so much of our preelection
Resource Exploration Acceleration Plan (REAP). Public investment in exploration will pay off for Western Australians for generations to come,” Bennison said.
“Greater funding of geo-scientific data collection and co-funded exploratory drilling will immediately stimulate the sector, delivering significant short and long term benefits to regional areas and to the State as a whole.
“The regions will benefit from the direct expenditure of the explorers on the ground and more significantly, the State at large will benefit from new mineral discoveries, ensuring a steady flow of royalties payments to underpin future Government initiatives.
“Given the return mining generates for the State, exploration incentives make good sense at any time, but in the current economic climate this scheme will help restore investor confidence in the Western Australian resources sector and in turn, secure more local jobs for longer.”