Joint Media Release

Tax Offset to Boost Search for New Mineral Deposits

MC 128/14

The Hon. Ian MacFarlane MP
Minister for Industry

Senator the Hon Mathias Cormann
Minister for Finance
Acting Assistant Treasurer

4 December 2014

The Government is acting to boost exploration for new mineral deposits, bringing legislation into Parliament today that delivers on our election commitment to support junior mineral explorers with new exploration.

The Exploration Development Incentive is aimed at fostering the discovery of new resource deposits and will encourage investment in eligible junior exploration companies conducting ‘greenfields’ mineral exploration.

New mineral discoveries underpin the future of the Australian mining industry. Junior and small miners do most of Australia’s greenfields exploration, but changing global market conditions have created challenges and created barriers to new investment and exploration.

The Government understands that the mining industry drives our economy through export revenue and by directly employing hundreds of thousands of Australians.

This new legislation will enable junior explorers to use their tax losses for the benefit of their Australian shareholders.

It’s another significant policy the Government has delivered to ensure the resources sector continues to underpin our economy. We’ve scrapped the carbon tax and the mining tax and we’re getting rid of the excessive red tape that has burdened the sector.

[ENDS]

Media Contact(s): 

Minister Macfarlane’s office – Kylie Barron - 0408 508 673
Minister Cormann’s office – Karen Wu – 0428 350 139