Lean New South Wales budget for mining and mineral exploration
“The New South Wales budget was very lean for mining and mineral exploration,” said Simon Bennison, Chief Executive Officer, Association of Mining and Exploration Companies (AMEC).
“The New South Wales community continues to benefit from previous generations of investment in mining. The Budget estimates receipt of $6.3 billion royalties over the next four years, not to mention the other taxes paid, benefits to the community and jobs created.”
“This year the Budget provides $6.5million for the New Frontiers Initiative.”
“The New Frontiers Initiative seeks to stimulate mineral and petroleum investment in frontier areas that are under-explored.”
“The New Frontiers Initiative funding includes a collaborative drilling programme which matches industry investment in greenfields mineral exploration. Round two funding of this important programme concludes in December 2017 with no further money allocated.”
“AMEC calls on the Government to continue this important programme for a further round three.”
“According to the Frasier Institute’s Investment Annual Survey of Mining Companies, 2016, New South Wales languishes at 62nd in the world out of 104 surveyed countries.”
“It can take between 10 -15 years of lead time to develop a mineral deposit into a working mine site. Each mine creates revenue, royalties and jobs. The Government must do all that it can to encourage mining and mineral exploration to discover the mines of tomorrow.”
“AMEC has presented a reform strategy to the Government to develop the New South Wales mining and mineral exploration industry. We are working to progress each of the recommendations in this strategy to make New South Wales more attractive to investment,” said Mr Bennison.