PERTH (miningweekly.com) – The Association of Mining and Exploration Companies (Amec) has called for more investment into resource exploration, after figures from the Australian Bureau of Statistics revealed a continued decline in exploration, particularly in greenfield exploration.
“In the March 2015 quarter, metres drilled on new deposits was down 50% compared with the December 2014 quarter, and metres drilled on existing deposits was down 20%,” said Amec CEO Simon Bennison.
He noted that Australia’s share of worldwide exploration spend had also dropped from 20% in 1996 to 11.7% in 2014.
“Whilst access to capital remains a challenge for mineral explorers, government programmes, such as the Exploration Development Incentive (EDI), should help to de-risk the sector and encourage retail investors.
“Territory and state exploration incentive schemes have been crucial in supporting exploration companies.”
Bennison said that to ensure companies could make the most of the EDI, the industry body was holding an EDI Roadshow in Sydney and Brisbane, and would also focus on EDI at the Amec Convention, in Perth, in June.
“The Amec Convention will be addressing the challenges facing the industry, including the low levels of greenfield exploration, and working toward solutions.” Bennison said.