Incentive opens for junior minerals explorers
Australia’s junior mineral explorers can apply to access substantial exploration incentives from mid-July under the $100 million extension of the Junior Minerals Exploration Incentive (JMEI).
Minister for Resources and Water Keith Pitt announced the four-year extension of the incentive as part of the 2021-22 Budget and said it would help to ensure jobs for future generations of miners.
The JMEI scheme opened for applications from 9 am, Friday 16 July 2021 (AEST) and will be available on a first-come-first-served basis until available funds are exhausted.
'The JMEI encourages new investment in small minerals exploration companies to help them make the discoveries needed to lock in the long-term future of Australia’s resources sector,' Minister Pitt said.
'The incentive will help ensure Australia has a continuous investment pipeline for development across regional Australia.
'Latest figures show the resources sector directly employs more than 270,000 Australian men and women, with most of these jobs in regional Australia.
'Australia’s junior explorers are crucial to the exploration and discovery of new mineral resources, including critical minerals, which will drive Australian exports and support our long-term economic prosperity.
'The resources and energy sector delivered a record $310 billion in exports in 2020/21 and the government wants to make sure the industry can continue to make a significant economic contribution for the benefit of all Australians.'
The extension of the Junior Minerals Exploration Incentive brings total investment in the JMEI to $200 million and builds on the existing suite of Australian Government support for discovery of new mineral deposits, including the $225 million Exploring for the Future Program run by Geoscience Australia.
The Junior Minerals Exploration Incentive is administered by the Australian Tax Office.
Details on applications for the 2021-22 round can be found on the ATO webpage Junior Minerals Exploration Incentive Participation – forms and instructions | Australian Taxation Office (ato.gov.au).
Any enquiries in relation to participating in the JMEI should be emailed to JMEI@ato.gov.au.