Mines and Petroleum Minister Bill Marmion announced 41 successful Round 10 projects in Western Australia – the latest round of the Liberal National Government’s Exploration Incentive Scheme (EIS) co-funded exploration drilling program.
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The $80 million EIS is a State Government initiative that aims to encourage exploration in WA for the long-term sustainability of the State’s resources sector.
According to the media release by the Minister, WA’s international exploration investment destination ranking has risen to the top of the Fraser Institute Policy Potential Index since 2009 when the EIS was launched. Royalties for Regions funding in the amount of $130.27 million has been committed to the EIS until June 2017.
Round 10 of the EIS attracted 74 applications requesting $8.77 million in co-funding.
“This is an important investment in the State’s future, particularly in the challenging financial environment faced by exploration companies. Now in its sixth year, this highly competitive drilling program has resulted in major discoveries, with more being made every year,” Mr Marmion said.
The Geological Survey of Western Australia’s geophysics and geochemistry information, along with university and CSIRO collaborative research projects, are also helping explorers target mineral and petroleum deposits.
The co-funded Drilling Program refunds up to 50% of direct drilling costs with caps of $150,000 for a multi-hole project, $200,000 for a single deep hole, and $30,000 for a prospector’s project.
The EIS is managed by the Department of Mines and Petroleum (DMP), the State’s lead agency dedicated to servicing the future development of Western Australia’s resources industry.
The successful applicants in Round 10 are listed at http://www.dmp.wa.gov.au/eisdrilling
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