25 Per Cent Decrease in Exploration Licences In New South Wales
New South Wales has seen a 25 per cent decrease in the number of applications for exploration licences since September 2012, according to the Association of Mining and Exploration Companies (AMEC).
The poor result has prompted AMEC to urge the state government to do more to make New South Wales more attractive to explorers and investors.
CEO of the AMEC, Simon Bennison said his organisation had developed a Policy Platform – Creating a Globally Competitive Mineral Exploration and Mining Industry – to help the government remain focussed on the key issues.
“AMEC has identified thirteen key policy initiatives requiring the incoming Government’s immediate attention in order to create a vibrant mineral exploration and mining industry in the State”, Mr Bennison said.
“The highly respected Fraser Institute report shows that New South Wales struggles to compete with other Australian States and Territories as the preferred investment destination.
“There has also been a drop off of 25 percent in the number of Exploration Licences, representing an area of 50 percent since September 2012.
“The New South Wales Government must improve policy settings and reduce the cost of doing business in order to encourage junior explorers which account for 80 percent of the mineral discoveries made in the State.
“Mineral exploration is essential to make new mineral discoveries that will provide significant economic benefits to the State through employment, regional investment and Government revenue streams.
“It is imperative that the New South Wales Government streamline the approvals processes, remove the Administration and Rental levies, maintain pro-uranium initiatives, introduce a mining rehabilitation fund, and reduce uncertainty with planning and sharing arbitration costs.
“Failure to take policy action now will undoubtedly result in a further reduction in the global standings and investment opportunities will continue to be directed towards other projects.