The Department of Mines, Industry Regulation and Safety has released the findings of an independent review of Western Australia’s Exploration Incentive Scheme (EIS) which found that the mineral scheme has generated $5 million for every $1 million spent on the program.
The report, undertaken for the Department by a consulting service showed there had been a nine per cent increase in mineral exploration and prospecting tenements in 2018-19, and greater exploration expenditure than the preceding financial year.
The Treasurer’s Office said that one of the largest contributors to the ongoing contribution of the EIS to the State’s economy were the 19 co-funded drilling successes which included gold, copper, graphite, nickel and zinc.
“The most significant drilling success was the discovery hole by Draig Resources (now known as Bellevue Gold) of the Viago load at the Bellevue gold mining centre, north of Leinster,” the Treasurer’s Office said.
“The report has estimated a net present value of $122 million,” it said.
“This is a multiplier effect of five times the $20 million allocated to the EIS program across the two financial years.”
The Treasurer’s Office said that applications for round 21 grants under the EIS were open until Friday (27 March) with successful proponents to be announced before the end of the financial year.
The 27-page report can be accessed at this PS News link.
