Western Australia’s peak resources sector body has welcomed an increase in exploration applications.
CME chief executive Reg Howard-Smith welcomed news from the Department for Mines and Petroleum there was an increase in mineral exploration license applications for the first quarter of 2016.
The number of exploration license applications grew from 466 during the first quarter of 2015 to 541 during the same time this year.
Mr Howard-Smith said exploration was the key to ensuring the longevity and prosperity of the resources sector, which contributes 15 per cent of the State’s finances.
“Without ongoing investment in exploration activities, many resources would remain undiscovered, stifling the growth and prosperity of the sector and the economy into the future, risking employment, investment and government revenue,” Mr Howard-Smith said.
“It is vital the next pipeline of resources projects are discovered through active exploration of Western Australia.”
Figures from the Department for Mines and Petroleum showed 97 per cent of mineral prospecting license applications were processed within 65 business days while Programme of Work Exploration applications were finalised within 30 business days.
“While these results are a positive sign that waiting times are improving for the resources sector, it is just as important the Mining Legislation Amendment Bill is passed without any further delay to remove red tape for industry,” Mr Howard-Smith said.
