Junior Minerals Exploration Incentive Credit over-subscribed
5 July 2019
The latest round of the Junior Minerals Exploration Incentive (JMEI) round has been over-subscribed, with 43 successful companies applying for the $30m of available credits for the 2019/20 year.
Last year 46 applicants were successful in accessing exploration credits. Each applicant was limited to 5% of the available credits on a first come first served basis.
“Reaching the JMEI cap shows the importance of this initiative to the mineral exploration sector,” said Warren Pearce, Chief Executive Officer, Association of Mining and Exploration Companies (AMEC).
“AMEC played a leading role in the JMEI being implemented and funded with $100 million over 4 years and will be advocating for an extension and an increase in the funding allocation.”
Since its commencement, 112 applications have now been able to access a total of $70m of credit allocations, with a further $30m available in the final round.
“The next round of the JMEI opens next year on 1 June, and it will be filled on a first in, first served approach.”
The JMEI allows mineral exploration companies (with no mining income) to raise capital, and renounce and pass future tax deductions to their Australian resident investors. The money raised must be spent on greenfields mineral exploration in Australia.
“The JMEI is an excellent initiative that means more greenfield exploration, which increases the chances of finding the next mine, and therefore more jobs and more revenues for local businesses, “said Mr Pearce.
Link to list of successful companies