Exploration Incentive Scheme offers over $6.56 million in co-funding to WA projects
|Date:||Wednesday, 21 April 2021|
- Inaugural Energy Analysis Project co-funding initiative offers funding to applicants
- Economic modelling reveals a $31 million benefit to WA for every $1 million invested
The State Government has announced the successful applicants for Round 23 of the Exploration Incentive Scheme (EIS) co-funded drilling program and the inaugural co-funded Energy Analysis Project (EAP) program.
The Department of Mines, Industry Regulation and Safety received 84 applications for the drilling program and 12 applications for the EAP program.
For Round 23, $6.3 million in grants was offered to projects across Western Australia, which includes an additional $1.3 million from the McGowan Government’s WA Recovery Plan.
Almost a third of successful applicants are searching for battery minerals, such as nickel, cobalt, graphite and rare earth elements. Other commodities include gold, silver, copper, diamonds, base metals, and platinum-group metals.
The EAP program has offered grants to six companies investigating geological aspects of the Northern Perth Basin and Canning Basin.
The program encourages exploration of petroleum and geothermal resources using existing state resources, such as drill core, sidewall core, and cuttings, or to re-analyse existing data.
A recent independent study, covering the first 10 years of the EIS, reiterated the robust economic benefits of the EIS, with every dollar invested resulting in a $31 return.
For more information, visit http://dmp.wa.gov.au/Geological-Survey/EIS-Government-co-funded-1433.aspx
Comments attributed to Mines and Petroleum Minister Bill Johnston:
“There has been a number of success stories from mining companies using the EIS, most recently Encounter Resources’ Yeneena copper-cobalt discovery in the Paterson province.
“The high number of applications is a strong indicator of the continued interest in Western Australia’s resource industry.
“The new Energy Analysis Project co-funding initiative will help companies to make the most of our State’s extensive resource data to refine their resources targeting.”