The Western Australian Government will increase the Exploration Incentive Scheme (EIS) by $2.5 million a year from $10 million to $12.5 million.
The EIS aims to promote mineral and energy resource exploration in Western Australia.
It is managed by the Geological Survey and Resource Strategy Division (GSRSD) within the Department of Mines, Industry Regulation and Safety (DMIRS) and supports several high-level programs including the Co-funded Exploration Drilling Program and the Co-funded Energy Analysis Program.
Previous EIS success stories include the discovery of the Nova nickel mine, Tropicana gold mine, Gruyere gold mine and the Bellevue Gold project.
The Government expects that the increase in EIS funding (which will start in 2021-22) will further incentivise investment in Western Australia’s mining industry.
As part of the WA Recovery Plan, the EIS received a one-off funding of $5 million in 2020-21, which temporarily increased the EIS budget from $10 million to $15 million.
In announcing the news this morning, Minister for Mines and Petroleum, the Hon. Bill Johnston MLA, said: “Western Australia’s mining industry is thriving, so it’s important that we strike while the iron is hot.”
“This additional funding to $12.5 million a year could help find the next big resource discovery, which in turn leads to new mines and new jobs for Western Australians.”
“The McGowan Government will continue supporting the exploration and resources industries as the State recovers from the COVID-19 pandemic,” he said.
Applications for Round 24 of the Co-funded Exploration Drilling Program close at 4 pm Friday August 27, 2021. For more information, visit here.