MINES and Petroleum Minister Norman Moore says that 50% of successful applications for Western Australia’s new 2009-10 Co-funded Industry Drilling Program were gold explorers.
Moore says that it is pleasing to see that gold, once the stalwart of WA’s resources industry, is enjoying a resurgence. He says that the Co-funded Industry Drilling Program has come at a time when the State’s resource industry is facing tough economic challenges with strong potential to hinder exploration.
The new program provides each applicant with up to 50% funding for their direct drilling costs capped at $150,000 to help fund exploration drilling activities in WA’s under-explored areas.
Successful applicants presented proposals aimed at boosting new resource discoveries and helping to significantly increase the knowledge of the State’s geology and resources.
Moore says $20.5million would fund the Co-funded Industry Drilling Program in the next four years. The program is part of the $80million Exploration Incentive Scheme set up under the Government’s Royalties for Regions policy over the next five years.
Successful applicants were selected by a panel of industry experts and endorsed by an advisory committee.
The selection process was also audited by an independent probity auditor who endorsed the integrity of the process.
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