2 July 2014

Exploration Development Incentive boosts greenfield exploration

Note

Joint media release with
The Hon Ian Macfarlane MP
Minister for Industry

Ten months ago we made a commitment to deliver a scheme that will boost exploration for new mineral deposits. Today we deliver on that commitment.

The Government today launches the Exploration Development Incentive, which will support junior exploration companies to conduct ‘greenfields’ mineral exploration.

Exploration for new mineral discoveries has reached a 10 year low.

The Exploration Development Incentive will assist junior explorers in raising capital from private sector investors through a refundable tax offset.

While the legislation is being finalised, we are releasing details of the incentive’s operation to provide clarity for this important industry.

We have long recognised that additional investment in junior exploration companies was required to discover quality resources. This investment in turn ensures the resource sector’s continued contribution to our national economy over the medium to long term.

We will continue to work with industry to ensure the Exploration Development Incentive is enacted into legislation in a way that is simple and effective, without unduly burdening small companies with increased regulation.

Details on the Exploration Development Incentive are available on the Department of Industry website and the Treasury’s website.