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Round 5 EIS Co-funded Exploration Drilling recipients announced
Thursday, 31 May 2012
- $6.2m shared between 56 drilling projects, including 3 prospecting projects
- Exploration incentives boost WA's reputation as an investment destination
- Funding signals global investors that WA is serious about attracting exploration
The State Government continues to support the exploration of underexplored areas with the release today of the successful applicants for Round 5 of the Exploration Incentive Scheme’s (EIS) Co-funded Exploration Drilling Program.
Mines and Petroleum Minister Norman Moore released details of 56 drilling projects, including three prospecting projects, which have attracted more than $6.2million in co-funding.
The projects will be drilling for a range of commodities, including geothermal resources.
Mr Moore said that funding for this highly successful scheme, which has seen an increase in Western Australia’s ranking as a destination of choice for explorers as measured by the world renowned Fraser Institute Survey, had been extended until July 2016.
In total, the Government is providing $138.1million to the scheme from 2008-09 to 2015-16.
“The Co-funded Drilling Program, which is receiving $45.7million, provides incentives to drill in underexplored areas and is the key to the continued economic prosperity of the State’s resources industry - by helping to find the mines of tomorrow, today,” the Minister said.
Mr Moore said the highly competitive program, which offered two rounds of co-funding a year, had already shown success with commercially promising and scientifically interesting projects including support for the deep drilling which led to the re-opening of the Mt Magnet gold mine, the drilling instrumental in the discovery of the East Tropicana gold deposit, the Speewah vanadium deposit, the Yeneena copper discovery and the Theseus uranium deposit.
Round 6 applications will open in September 2012 for drilling projects to be undertaken in January to December. Information acquired by the companies is publically released on the Department of Mines and Petroleum website after a short confidentiality period. This adds to the geological knowledge of the State, and reduces the risk for subsequent explorers.
The Co-funded Drilling Program is the flagship program of the State Government’s Exploration Incentive Scheme.
- Since the launch of the EIS in 2009, WA’s ranking on the Fraser Institute Policy Potential Index (measuring reputation as an exploration investment destination) has risen to be joint leader
- More information about the Co-funded Drilling Program & a map of project locations is available at http://www.dmp.wa.gov.au/eisdrilling