The Association of Mining and Exploration Companies has applauded the launch of the new Exploration Development Incentive (EDI) by Federal minister for Industry Ian Macfarlane at the AMEC Convention in Perth yesterday.
AMEC chief executive Simon Bennison said the new incentive will be a much needed boost to greenfield mineral exploration in Australia, by improving investor confidence in exploration companies.
“The Coalition Government should be applauded for recognising the need to develop long term investment strategies to discover the mines of tomorrow, generate future revenue streams and create jobs throughout Australia,” Bennison said.
“The EDI was announced at the 2013 AMEC Convention as part of the Coalition’s Policy for Resources and Energy, so the first birthday of the EDI was celebrated at the 2014 AMEC Convention.
“Previous research by the University of Western Australia has indicated that the rate of depletion for existing base and precious metal mines is not being matched by new discoveries.
Bennison said the EDI should help to reverse the ongoing reduction in the global share of Australian greenfield exploration activities and the low number of Initial Public Offerings for mineral projects in Australia.
“AMEC looks forward to continuing in a leadership role and working closely with Government to see early implementation of the EDI in order that significant economic, social and financial dividends can be achieved in the medium term.”