The Federal Government has committed $30 million over three years to the Exploration Incentive Scheme (EIS) in Western Australia’s 2016/17 State Budget.
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The investment into the resources sector was made possible by the Royalties for Regions program for 2017-18.
Federal Mines and Petroleum Minister Sean L'Estrange said WA’s Economic Climate and position in the commodities cycle warranted continued EIS investment to support future exploration.
"Ultimately we will be finding new deposits, leading to the mines of the future and jobs for future generations," he said.
"The exploration stage of the mining cycle is high risk and the scheme freely provides valuable pre-competitive regional geoscience and commodity information to help reduce the technical and financial risks for companies laying the foundations of more discoveries.”
Regional Development Minister Terry Redman said the Royalties for Regions investment in the EIS would support the long-term sustainability of regional WA.
"Exploration activity stimulated by the scheme provides opportunities for direct and indirect jobs and prospects for business development," he said.
"Royalties for Regions is investing in a sustainable economic future for regional WA and I look forward to seeing the flow-on benefits to our regional communities."
The EIS has received $130 million since 2009, with an economic independent review in 2014 predicting a long-term invest for WA of $23.7 million for every $1 million invested in the scheme.
