‘Oversubscribed’ exploration incentive shows upswing in confidence – Minister

PERTH (miningweekly.com) – The second round of the Junior Minerals Exploration Incentive (JMEI) has been oversubscribed, with 46 companies successfully applying for the available credits for the 2018/19 income year.

Federal Resources Minister Matt Canavan said more than A$31-million has been allocated in the second round, with the individual amounts ranging from A$82 500 up to A$1.57-million.

“Companies have responded enthusiastically to the incentive for this round and in fact it has been ‘oversubscribed’, so not all applications were successful,” Finance Minister Mathias Cormann said.

“The fact this round was oversubscribed indicates an upswing in confidence among mining companies, prepared to get out in the field and spend money on exploration activities.

“These tax incentives are encouraging junior explorers to take risks and to have a go at discovering the next large-scale mineral deposit. We want to back these businesses.

“We are working to get the economic fundamentals right to build a strong prosperous Australia, improve the business climate and unleash our economic potential. We are doing so to create a stable platform for investor confidence and growth.”

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