The Federal Government will invest $100 million into extending the Junior Minerals Exploration Incentive (JMEI) for four more years.
The extension of the incentive aims to ensure jobs for future generations of miners.
To date, the Junior Minerals Exploration Incentive has supported 85 junior exploration companies, with more than half of these companies headquartered in Western Australia.
Resources, Water and Northern Australia Minister Keith Pitt said the Junior Minerals Exploration Incentive allows eligible companies to access tax incentives to attract new investors.
“We need to ensure that we have a continuous investment pipeline for development across regional Australia,” Pitt said.
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The resources sector directly employs more than 260,000 people, with most of these jobs in regional Australia.
“We want to make sure the industry continues to grow and maximises the benefits for all Australians.”
Pitt said junior explorers ensure the ongoing exploration and the discovery of new mineral resources, including critical minerals that positions Australia to drive the global economy of the future.
“Australia can provide the world with secure supply chains and manufacturing opportunities for rare earths and critical minerals that are vital in the production process of our smartphones, batteries, new tech medical appliances and our defence componentry,” he said.
“The program has encouraged companies to explore for resources in untapped areas of Australia, helping to generate future development, jobs and investment in the resources sector.
“Extension of the Junior Minerals Exploration Incentive complements the existing suite of Australian Government support for greenfield exploration, including the $225 million Exploring for the Future Program run by Geoscience Australia.”