Hon Sean L'Estrange MEdL GradDipResMan GradDipMan MLA

Hon Sean L'Estrange MEdL GradDipResMan GradDipMan MLA

Former Minister for Mines and Petroleum; Finance; Small Business

    Incentive scheme injects $5m for mines exploration

    9/06/2016 2:05 PM
     
    • 48 companies and prospectors win Co-funded Drilling Program offers 

    Mines and Petroleum Minister Sean L'Estrange today announced the Liberal National Government's commitment of $5.14 million in exploration funding for Round 13 of the highly competitive Co-funded Drilling Program under the Exploration Incentive Scheme (EIS).

     

    The Co-funded Drilling Program refunds up to 50 per cent 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.

     

    A total of 48 companies and prospectors successfully applied to receive the co-funding for exploration drilling projects.

     

    The Co-funded Drilling Program is in its eighth year and continues to help explorers make exciting new discoveries.

     

    "I am pleased we have allocated $30 million to the EIS out to 2020," Mr L'Estrange said.

     

    "The Co-funded Drilling Program provides incentives to drill in under-explored areas and is the key to the continued economic prosperity of the State's resources industry.

     

    "This program has already been successful with commercially promising and scientifically interesting projects.

     

    "The Nova nickel project is the stand-out discovery of the past few years having used State Government pre-competitive data as well as co-funding support.  In addition, there have been more than 20 other mineral discoveries that can be credited to the drilling program."

     

    Recent finds include nickel by Panoramic Resources at its Savannah North project, zinc at Millennium by Encounter Resources, and gold at Alloy Resources' Horse Well project and at Gold Road Resources' Gruyere discovery in the Yamarna greenstone belt.

     

    The Minister said the Government's decision to offer $5.14 million in co-funding in Round 13 showed its continued commitment to the long-term development of Western Australia's resources sector.

     

    Round 13 successful applicants are available at http://www.dmp.wa.gov.au/eisdrilling

     

    Fact File

    • Offers of $5.14 million in exploration funding through Co-funded Drilling Program
    • 48 companies and prospectors successfully applied for funding
    • State Government has committed $10m a year to the EIS until the end of June 2020 

    Minister's office - 6552 6900

     

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