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Energy|Exploration|Mining|PROJECT|Resources
energy|exploration|mining|project|resources

Extended JMEI opens for applications

15th July 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The federal government has opened the A$100-million extension of the Junior Minerals Exploration Incentive (JMEI) for application by junior mineral explorers.

The JMEI is a tax credit arrangement which allows junior mineral exploration companies to pass future tax deductions (losses) to Australian resident investors for greenfield mineral exploration in Australia.

Minister for Resources Keith Pitt announced the four-year extension of the incentive as part of the 2021/22 Budget and said it would help to ensure jobs for future generations of miners.

The JMEI scheme opens for applications from July 16 and will be available on a first-come-first-served basis until available funds are exhausted.

“The JMEI encourages new investment in small minerals exploration companies to help them make the discoveries needed to lock in the long-term future of Australia’s resources sector,” Pitt said.

“The incentive will help ensure Australia has a continuous investment pipeline for development across regional Australia. Latest figures show the resources sector directly employs more than 270 000 Australian men and women, with most of these jobs in regional Australia.

“Australia’s junior explorers are crucial to the exploration and discovery of new mineral resources, including critical minerals, which will drive Australian exports and support our long-term economic prosperity.

“The resources and energy sector delivered a record A$310-billion in exports in 2020/21 and the government wants to make sure the industry can continue to make a significant economic contribution for the benefit of all Australians.”

The extension of the JMEI brings total investment in the JMEI to A$200-million and builds on the existing suite of Australian government support for discovery of new mineral deposits, including the A$225-million Exploring for the Future Program run by Geoscience Australia.

The Association of Mining and Exploration Companies (Amec) previously said that the importance of the incentive scheme to encourage exploration in Australia could not be understated.

“Government support for industry increases private investor confidence. On the back of years of promising discoveries, it is vital our industry continues attracting this investment, so we can sooner discover and develop the mines of the future,” Amec CEO Warren Pearce previously said.

“Each new mineral exploration and mining project creates new jobs, supports local communities, and contributes to future government revenue streams.”

Edited by Creamer Media Reporter

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