Fantastic news for Junior Explorers with the Federal Government’s recent announcement that the Junior Miners Exploration Incentive (JMEI) will receive a further $100m investment for another 4 years.
The incentive means that businesses eligible to participate can convert tax losses into exploration credits in a bid to attract new investors, encouraging new investment and an increased number of jobs in the mining sector.
Following the announcement Keith Pitt, Minister for Resources, Water and Northern Australia, explained that the country’s robust and successful resources sector is strengthened by the expertise of our junior miners.
“These companies ensure the ongoing exploration and the discovery of new mineral resources, including critical minerals that position Australia to drive the global economy of the future,” Minister Pitt commented.
Industry bodies have welcomed the government’s ongoing commitment to supporting junior explorers, believing that it is greenfield exploration that is fundamental to the mining sector’s success.
To date, the JMEI has successfully supported 85 junior exploration companies with the majority of these located in Western Australia. And it’s the junior explorers here in Australia who have discovered up to 70% of deposits that create new projects.
Mr. Pitt added that “the program has encouraged companies to explore for resources in untapped areas of Australia, helping to generate future development, jobs and investment in the resources sector.”
“We need to ensure that we have a continuous pipeline for development across regional Australia.”
“Australia can provide the world with secure supply chains and manufacturing opportunities for rare earth and critical minerals that are vital in the production process of our smartphones, batteries, new tech medical appliances and our defence componentry.”
In April, the Australian Government granted $3 million to expand Geoscience Australia’s Exploring the Future resources program into Tasmania.
“Extension of the Junior Minerals Exploration Incentive complements the existing suite of Australian Government support for greenfield exploration, including the $225 million Exploring for the Future Program run by Geoscience Australia, “ Pitt said.
Aptus Business Solutions can help you to understand more about how to participate and what it means to you as a junior explorer and future miner.
We can also walk you through how Sage X3 can empower your business and realise greater efficiencies, faster and informed decision-making, and improved productivity, giving you the best opportunity to optimise the value of your funding.
Call us on 1300 998 594 or email firstname.lastname@example.org to learn more.