WA Labor's election pledge to boost funding available through the popular Exploration Incentive Scheme (EIS) to $18 million each year will make an important contribution to accelerating the discovery of vital new mineral deposits.
Chamber of Minerals and Energy WA (CME) Acting Chief Executive Officer Adrienne LaBombard said ongoing exploration was critical to maintain and grow the outsized economic contribution of the State's resources sector.
"Without explorers identifying prospective new mineral and energy deposits the project pipeline would quicky run dry," Ms LaBombard said.
"Junior and mid-tier explorers account for most discoveries in WA but they are often cash strapped and vulnerable to economic headwinds.
"CME welcomes the $9 million in additional exploration funding promised by WA Labor, which will help ease the financial burden of this important work."
Launched in 2009, the EIS is a competitive grant program that offers a refund of up to a 50 per cent - capped at set amounts - for exploration drilling projects.
"One of the pressure points currently are the timeframes and costs associated with accessing ground to commence exploration activities, as well as skilled workforce shortages in specialist areas," Ms LaBombard.
"CME also continues to advocate for further State and Federal Government support for capacity building among First Nations representative bodies."
WA Labor's promise includes $2.5 million for the Department of Energy, Mines, Industry, Regulation and Safety (DEMIRS) to purchase specialist equipment to map mineral deposits and identify areas suitable for CO2 injection.
"High-quality data accelerates exploration timelines and mitigates the risk of unsuccessful ventures," Ms LaBombard.
"It is particularly pleasing to see a focus on identifying potential carbon capture, utilisation and storage (CCUS) sites because we know CCUS is going to be one of the technologies needed to support the decarbonisation of hard-to-abate industries such as ammonia, cement and LNG processing."
