The Western Australian Government’s decision to boost the annual budget of the Exploration Incentive Scheme (EIS) to $18 million has been welcomed by industry leaders as a significant win for the exploration sector.
The extra $9 million shows a strong commitment to promoting exploration activities in the state which is critical to its strong economic future, according to the Association of Mining and Exploration Companies (AMEC).
“The EIS is a highly successful program with a proven track record of funding winners,” AMEC acting chief executive officer Neil van Drunen said.
“Doubling the money for this program is doubling the chance that Western Australia will discover more minerals, that leads to more mines and more jobs.”
Since its launch in 2009, the EIS has provided $102 million in grant funding, supporting exploration projects by co-investing in drilling, pre-competitive scientific data and research.
WA’s Geological Survey department manages the program under the Department of Mines, Industry Regulation, and Safety.
“Explorers are the lifeblood of the mining industry,” van Drunen said.
“Without them we can’t find the mines of the future and the technology for future generations. For every $1 million invested in the EIS, it generates an estimated $31 million in economic returns.”
The WA Government’s expanded funding also includes $2.5 million for specialist equipment to accelerate exploration and reduce costs.
According to the Chamber of Minerals and Energy WA (CME), this equipment could fast-track projects, including those aimed at carbon capture and storage (CCUS), vital for decarbonisation efforts.
CME acting chief executive officer Adrienne LaBombard said ongoing exploration was critical to maintain and grow the outsized economic contribution of the state’s resources sector.
“Without explorers identifying prospective new mineral and energy deposits, the project pipeline would quickly run dry,” LaBombard said. “Junior and mid-tier explorers account for most discoveries in WA but they are often cash strapped and vulnerable to economic headwinds.
“CME welcomes the $9 million in additional exploration funding promised by WA Labor, which will help ease the financial burden of this important work.”
Key projects discovered through the EIS include the Nova-Bollinger nickel deposit, Tropicana East gold project, and Gruyere gold project, among others.
These findings have reinforced Western Australia’s position as a global mining leader and ensured a robust future pipeline.
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