Drillers sweat on scheme
Industry Minister Ian Macfarlane briefed Member for O’Connor Rick Wilson in Canberra yesterday on the progress of the coalition’s election promise for a $100 million Exploration Development Incentive.
As a Goldfields driller called the situation “critical” for the region’s embattled explorers, Mr Wilson confirmed the scheme is on track for a July 1 launch.
The incentive will allow investors to deduct the expense of mining exploration against their taxable income.
But while politicians in Canberra strive to make the promise policy, idle drill rigs parked around Kalgoorlie-Boulder continue to tell a sorry tale of what many consider the worst mining downturn in 20 years.
A discussion paper has been prepared by Treasury and the Department of Industry seeking feedback on the scheme, with April 4 the closing date for submissions.
“Greenfields exploration is the future for the mining industry,” Mr Wilson said.
