“The statistics released by the Department of Mines and Petroleum today highlight that Western Australia’s mineral sector remains the engine room of the Australian economy,” said Simon Bennison, CEO, Association of Mining and Exploration Companies (AMEC).
“In 2016, Western Australian minerals sector was responsible for 43% of Australia’s minerals and energy output; and 65% of Australia’s mineral exploration.”
“Mining and mineral exploration creates and supports thousands of jobs and generates significant economic and social dividends and royalties for the State. Given that the majority of mining occurs in remote and regional areas, some of the main beneficiaries are in those communities.”
“In Western Australia, mining and mineral exploration is responsible for 28% of Western Australia’s Gross State product in 2016.
“DMP’s statistics also show Western Australia is a leader internationally, responsible for 37% of the world’s supply of iron ore.”
“These statistics underline that mining and mineral exploration must not be taken for granted.”
“Australian mining and mineral exploration companies operate in a complex, discerning, sensitive and high risk capital market involving thousands of current and prospective shareholders. The Federal and State Government must ensure that Australia, and Western Australia, remains attractive to investment.”
“The mines of tomorrow have to be discovered and developed to replace the existing mines.”
“The Federal Government’s Exploration Development Incentive (EDI) program has stimulated investment in eligible Australian junior mineral exploration companies, making it more attractive for investors to decide to support the next generation of mines.”
“AMEC has called on the Federal Government to continue its support of the EDI, which is currently under review. The EDI has provided shareholders with a tax offset equivalent to the company tax rate.”
“The mining and mineral exploration sector in Australia continues to face a number of barriers, including land access, increasing red tape and rising costs. The proposed introduction of cost recovery for the Australian Securities Investment Commission will be detrimental to mining investment.”
“AMEC continues to advocate for ongoing funding for exploration incentive schemes and co-funded drilling programmes to encourage innovative mineral exploration in Australia and generate significant economic returns for the economy.”
“Today’s figures show that mining is an important part of Australia’s economy, creating jobs, royalties and revenue,” said Mr Bennison.
Read the article online at: https://www.globalminingreview.com/finance-business/06042017/western-australias-mineral-sector-still-strong/