AMEC calls to restore industry confidence and increase exploration investment

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“The Association of Mining and Exploration Companies (AMEC) congratulates the Minister for Industry Hon Ian Macfarlane today in announcing the Government’s commitment to working with the States and Territories to implement the recommendations from the Productivity Commission Inquiry Report into Mineral and Energy Resource Exploration,” said Simon Bennison AMEC CEO.

“The Productivity Commission’s report recognised many of the concerns that AMEC identified in its various submissions and presentations to the Commission over the past 18 months.

“AMEC’s recommendations included implementing a tax credit for mineral exploration, increasing efficiency and reducing duplications, increasing transparency and accountability, reducing the regulatory approval timelines and dismissing cash bidding for resources.

“The Government’s commitment to implementing an Exploration Development Incentive (EDI) will go a long way towards addressing low discovery rates of new mines. It will help to reverse the ongoing reduction in Australian greenfield exploration activities and the low number of Initial Public Offerings for mineral projects in Australia.

“The EDI will be formally announced by Hon Ian Macfarlane at the AMEC Convention in Perth on 2 July 2014. More information and details on the implementation of the EDI will also be provided by industry leaders at the event.

“Along with the repeal of the carbon tax and the MRRT, the EDI will help Australia to regain some of its international competitiveness and increase its share of global exploration expenditure. This is essential to discover the mines of tomorrow, develop new projects, create jobs and Government revenue streams, for the benefit of all Australians.

“It is positive that the Government continues to work with the States and Territories to implement to implement a ‘one-stop shop’ for environmental assessments and approvals by the end of 2014 to reduce red tape and streamline the approvals process.

“With the shift into the production phase as highlighted by the Bureau of Resources and Energy Economics report released today, it is essential that we encourage investment in mineral exploration to discover the mines that will sustain the industry and Government revenue streams for the future.

“AMEC will continue to work with all Governments on the implementation of initiatives highlighted in the Productivity Commission Report including rescinding the ‘water trigger’ amendments to the Environmental Protection and Biodiversity Conservation Act, and recommendations surrounding cultural heritage protection which are fundamental to improving clarity and certainty for mining and exploration,” said Mr Bennison.

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