PERTH (miningweekly.com) – The federal government has called for consultation on the impact of the Junior Minerals Exploration Incentive (JMEI), which is helping to fund the exploration of new resource deposits.
Federal Resources Minister Keith Pitt said that the consultation process was an opportunity for companies to provide their views on the impact of the JMEI on their ability to raise finance, and that responses to the consultation paper would inform an Annual Impact Assessment that measures the impact the JMEI scheme has had on exploration activities of participating companies.
“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.
“The consultation paper gives interested parties the opportunity to express their views on the impact that the JMEI is having on these vitally important businesses,” Pitt said.
The paper will look specifically at the program’s 2018/19 round as data is now available to assess the programme’s impacts in this period.
As part of Budget 2021, the Australian government announced the JMEI would be extended for a further four years. Release of the consultation paper follows the recent allocation of credits under the first round of the renewed JMEI by the Australian Tax Office.
“We are already delivering on the commitment we made through Budget 2021 to extend support to junior explorers and it’s great to see that these businesses are doing their part by taking up the scheme,” Pitt said.
“The first round of the renewed programme has seen A$25-million in credits allocated to 34 companies, with interest far exceeding available support.
“The resources and energy sector continues to be the backbone of our economy and is expected to deliver a record A$334-billion in exports in 2021/22. The government wants to make sure the industry can continue to make a significant economic contribution for the benefit of all Australians and this hinges on new discoveries.”
Submissions close on October 27.