CME expresses hope that incentives will reignite exploration investment
PERTH (miningweekly.com) – The Western Australian Chamber of Minerals and Energy (CME) on Friday expressed its hope that recent government incentives would counter the decline of exploration expenditure in the state.
In its quarterly economic brief, the CME noted that during the December quarter, the total resource exploration spend fell by 14.5% compared with the previous quarter, and by 30% on the previous corresponding quarter.
The federal government this week announced a A$100-million investment in the Exploration Development Incentive, which would fund exploration for new mineral deposits.
The Western Australian government has also announced a A$30-million investment in its own exploration incentive scheme.
“Industry hopes these initiatives, along with positive price signals and a continued focus on reducing costs, will assist Western Australia to attract a new wave of investment in the resources sector,” said CME CEO Reg Howard-Smith.
Meanwhile, Smith noted that the quarterly economic brief outlined that, for the most part, commodity production and export figures in Western Australia continued on a positive trend.
Iron-ore production has again surpassed all previous records, rising 6% in the December quarter to 162-million tonnes, as investment in major capacity expansion and construction projects come on line.
Gold production also increased by 7.2% during the quarter, as new mines came into production.
Export earnings, meanwhile, have experienced solid growth, increasing nearly 6% in the March quarter, to over A$35-billion. This was a 24% increase over the previous corresponding period.
Despite the increased production and exports, the CME noted that the prices of Western Australia’s major commodities were weaker in 2014, with iron-ore prices falling 10.6%.
On the flip-side, however, nickel prices surged by 23.2% over the three months to April on the back of an Indonesian ban on nickel ore exports.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation