07 May Australian government agrees to extend junior miners tax incentives programme
The Australian Government has announced that it will contribute A$100 million to extend the Junior Minerals Exploration Incentive four more years.
The programme seeks to assist eligible junior mining companies access tax incentives to attract new investors. To date, the Junior Minerals Exploration Incentive has supported 85 junior exploration companies, with over half of these companies headquartered in Western Australia.
“The Coalition Government will continue to support our junior mining companies and encourage exploration and development of new resource deposits,” said Keith Pitt, Minister for Resources, Water and Northern Australia.
“We need to ensure that we have a continuous investment pipeline for development across regional Australia,” he added while referring to the 260,000 people employed by Australia’s resources sector.
CEO of the Minerals Council of Australia Tania Constable welcomed the funding with the following statement: “Ongoing government support to attract greater investment in early-stage greenfield exploration programmes is vital to the industry’s future success.”
“The Junior Mineral Exploration Incentive along with the government’s recent commitment to continue funding Geoscience Australia’s highly successful Exploring for the Future Program are key steps to ensuring Australia not only improves its exploration performance but remains competitive as an investment destination.”
Mining in Australia generates $270 billion in export revenue and contributes $39 billion in royalties and taxes to both federal and state governments.