Mineral exploration in Australia during the September 2015 quarter was dominated by exploration on existing deposits, leading to a fall in greenfields mineral exploration metres drilled, according to Association of Mining and Exploration Companies (AMEC) chief executive officer Simon Bennison.
“Greenfield mineral exploration is still at record lows, similar to that of the March 2009 quarter,” he said. “Although brownfields mineral exploration is essential for extending the life of current mines, it is greenfields mineral exploration that uncovers new significant discoveries that will replace our depleting mines.
“AMEC has been a strong advocate for initiatives which encourage investment in greenfields mineral exploration.”
Simon Bennison said the first round of the Federal Government’s Exploration Development Incentive (EDI) had been offered and the modulation factor of 1 was announced last week, meaning applicants would receive their full allocation. “This is an extremely positive result and we look forward to the ongoing success of this scheme.
“The EDI will assist Australian greenfields exploration companies raise much needed investment capital by allowing them to pass on to their Australian resident shareholders a proportion of eligible exploration expenditure in the form of a tax credit.
“AMEC continues to work with all levels of government across Australia to increase exploration and reduce the cost of doing business. This includes the continuation of co-funded drilling programs and streamlining approvals processes,” added Simon Bennison.
The Mineral Exploration Australia, September 2015 statistics can be viewed on the Australian Bureau of Statistics website.