The latest round of the co-funded drilling program will see $5.17 million to 48 companies and prospectors, to support innovative drilling projects and continue driving the discovery of new mineral deposits in Western Australia.
CME Chief Executive Reg Howard-Smith said the WA Government should be applauded for their continued support for the exploration sector through the EIS.
“CME member companies including Evolution Mining, Kalgoorlie Gold Consolidate Gold Mines, Northern Star Resources, Panoramic Resources and Talisman Mining Ltd will receive a timely boost to their exploration programs.”
“Exploration is the lifeblood of future industry. Policy initiatives such as the EIS are vital to increase the current level of exploration activity here in Western Australia,” said Mr Howard-Smith.
Recent economic analysis of the EIS conducted by ACIL Allen Consulting highlighted that for every $1 million invested by the State Government in stimulating exploration activity generates $10.3 million in benefits for Western Australia.
“This shows a clear return on investment for this scheme and CME will be advocating for its continuation for years to come,” said Mr Howard-Smith.
Support by the State Government is imperative at a time when Australian Bureau of Statistics estimate total mineral exploration expenditure fell 3.5% (or -$12.3m) to $344.1m in the September quarter. The largest contributor to the fall in the trend estimate this quarter was Western Australia (down 3.1% or -$6.5m).
