The State Government has further boosted Western Australia’s reputation as an attractive resources investment destination with a 2012-13 Budget commitment of $37.5million over two years from 2014-15 for the Exploration Incentive Scheme (EIS) - Phase 2.
Mines and Petroleum Minister Norman Moore said the new funding would build on the highly successful EIS Phase 1.
“The Government anticipates that the EIS Phase 2 will enhance the take-up of greenfields exploration acreage resulting in new mineral discoveries in more remote and regional areas,” Mr Moore said.
The Government recognises the need to build the State and invest in its future to ensure WA remains globally competitive and an attractive place to live and work for future generations.
The Minister said EIS Phase 1 had attracted the first major subsurface mineral exploration programs into the Eucla region, seen the first remote greenfields uranium discovery in 30 years, led to the discovery of the Yeneena zinc-lead-copper and the Tropicana East gold deposits which had assisted the reopening of the Mount Magnet mine.
“These achievements have made a major contribution to improving the perceptions of WA’s resources investment climate, as measured by the respected Fraser Institute and ResourceStocks annual surveys of investor sentiment,” he said.
“The international rating of the attractiveness of WA as an investment destination has improved as a result.”
Phase 1 also co-funded the seismic survey near Harvey that located the first drill hole to test the CO2 storage potential of the Perth Basin and part-funded the Harvey 1 Well in early 2012.
A host of products and services have also been released during Phase1 of the EIS and many other activities will be able to continue as a result of further funding.
First phase of the EIS received $80million in funding and included 6 programs
WA’s ranking by the Fraser Institute Survey as an attractive exploration investment destination has risen to be joint leader since the launch of EIS in 2009
Minister’s office - 6552 5400