Consultation opens for mining exploration program
The Minister for Resources and Water Keith Pitt released today a consultation paper on the impact of the Junior Minerals Exploration Incentive, which is playing an important role in uncovering new resources deposits across Australia.
Responses to the consultation paper will inform an Annual Impact Assessment that measures the impact the JMEI scheme has had on exploration activities of participating companies.
Minister Pitt said that the consultation process was an opportunity for companies to provide their views on the impact of the JMEI on their ability to raise finance.
“The Junior Minerals Exploration Incentive encourages new investment in small minerals exploration companies to help them make the discoveries needed to lock in the long-term future of Australia’s resources sector,” Minister Pitt said.
“The consultation paper released today gives interested parties the opportunity to express their views on the impact that the Junior Minerals Exploration Incentive is having on these vitally important businesses.”
The paper will look specifically at the program’s 2018-19 round as data is now available to assess the program’s impacts in this period.
As part of Budget 2021, the Australian Government announced the JMEI would be extended for a further four years. Release of the consultation paper follows the recent allocation of credits under the first round of the renewed JMEI by the Australian Tax Office.
“We are already delivering on the commitment we made through Budget 2021 to extend support to junior explorers and it’s great to see that these businesses are doing their part by taking up the scheme,” Minister Pitt said.
“The first round of the renewed program has seen $25 million in credits allocated to 34 companies, with interest far exceeding available support.
“The resources and energy sector continues to be the backbone of our economy and is expected to deliver a record $334 billion in exports in 2021-22. The government wants to make sure the industry can continue to make a significant economic contribution for the benefit of all Australians and this hinges on new discoveries.”
The consultation paper is available on the department’s website. Submissions close on 27 October 2021.
Media contact: Minister Pitt's office 02 6277 7180