The WA Government will increase the Exploration Incentive Scheme from $10m to $12.5m.
Starting in 2021-22, the increase in EIS funding is aimed at further incentivising investment in WA’s mining industry.
As part of the WA Recovery Plan, the EIS received a one-off funding of $5m in 2020-21, which temporarily increased the EIS budget from $10m to $15m.
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% refund for innovative exploration drilling projects.
Mines and Petroleum Minister Bill Johnston said WA’s mining industry was thriving, and it was important to strike while the iron is hot.
“This additional funding to $12.5m a year could help find the next big resource discovery, which in turn leads to new mines and new jobs for Western Australians,” he said.
“The McGowan Government will continue supporting the exploration and resources industries as the State recovers from the COVID-19 pandemic.”
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
