46 companies successfully received available credits for the 2018/19 JMEI. Image: DevEx Resources.
BY ELIZABETH FABRI
RIVERSGOLD, Minotaur Exploration, St George Mining, Emmerson, and DevEx Resources were just some of the companies to secure funding as part of the Government’s four year, $100 million Junior Minerals Exploration Incentive (JMEI).
The JMEI, successfully passed by the Senate in March, provides a tax incentive to invest in small exploration companies undertaking greenfields minerals exploration in Australia.
It replaces the former Exploration Development Incentive (EDI), and allows mineral exploration companies (with no mining income) to raise capital, and renounce and pass future tax deductions to their Australian resident investors.
46 companies applied for their share in $31.5 million for the 2018/19 income year, up from 23 companies a year prior.
Association of Mining and Exploration Companies (AMEC) chief executive Warren Pearce said the number of explorer applications justified the Federal Government’s decision to redesign the EDI.
“AMEC had called for key improvements to the EDI over a number of years, and last year the Government decided to relaunch it as the JMEI including the improvements we had campaigned for,” Mr Pearce said.
“Completely distributing the 2018/19 allocation of JMEI funding within two weeks reflects the substantial building confidence in the sector.
“This means more greenfield exploration, which increases the chances of finding the next mine, and therefore more jobs and more revenues for local businesses.”
The next round of the JMEI will open on 1 June 2019.