The Liberal National Government has reinforced its commitment to encourage resources sector exploration with $10 million a year for the next three years committed to the Exploration Incentive Scheme (EIS) in the 2016-17 State Budget.
The investment will be made possible by the Government's Royalties for Regions program from 2017-18.
Mines and Petroleum Minister Sean L'Estrange said given the current economic climate and where Western Australia sat in the commodities cycle, continued investment through the EIS was essential to encourage exploration.
"Ultimately we will be finding new deposits, leading to the mines of the future and jobs for future generations," Mr L'Estrange said.
"The exploration stage of the mining cycle is high risk and the scheme freely provides valuable pre-competitive regional geoscience and commodity information to help reduce the technical and financial risks for companies laying the foundations of more discoveries."
The EIS has been funded for a total of $130 million since 2009 and consists of a number of programs focused on the regions, including the highly successful Co-funded Exploration Drilling Program.
WA's global profile as an attractive destination for investment has also been boosted by the scheme, including being ranked in the Fraser Institute Survey of Mining Companies 2015 as the most attractive jurisdiction in the world for exploration and mining investment.
Regional Development Minister Terry Redman said the Royalties for Regions investment in the EIS would support the long-term sustainability of regional WA.
"Exploration activity stimulated by the scheme provides opportunities for direct and indirect jobs and prospects for business development," Mr Redman said.
"Royalties for Regions is investing in a sustainable economic future for regional WA and I look forward to seeing the flow-on benefits to our regional communities."
Mr L'Estrange said the discovery of the Nova nickel deposit and the recommencement of mining at Mount Magnet were among the success stories of co-funded deep exploration drilling.
"Achievements like these ensure that for the long-term WA's resources sector will continue to underpin the State's economy which will benefit all West Australians," he said.
Fact File
An independent economic review of the EIS undertaken in November 2014 predicted a long-term benefit to the State of $23.7 million for every $1 million invested in the scheme, including increased State royalties of $6.2 million
Since 2008, the State Government has invested $6.9 billion into more than 3,700 Royalties for Regions-funded projects and programs, including transfers to the Future Fund and other Special Purpose Accounts
Mines and Petroleum Minister's office - 6552 6900
Regional Development Minister's office - 6552 6700
