Australian news, and some related international items

Turnbull government encouraging mining, funds exploration

Turnbull invests $100m to secure mining investment, drive discoveries, The Age, 2 sept 17,  The Turnbull government will commit $100 million to secure private investment in greenfield mineral exploration across the country to drive a new wave of discoveries and restart the flagging mining sector in its west.

WA had been the biggest beneficiary of the once-in-a-century mining boom during the first decade of the 2000s and into the start of this decade, but has become the country’s worst-performing economy as mining investment abated…..

Speaking at the Western Australian Liberal Party conference in Perth on Saturday, Prime Minister Malcolm Turnbull announced new tax incentives for junior exploration companies in a move he said would encourage investment and “risk taking”.

Turnbull said the new Junior Mineral Exploration Tax Credit (JMETC) would allow the tax losses in greenfield exploration companies to be distributed as a credit to Australian resident shareholders.

 “These tax incentives will encourage ‘junior explorers’ to take risks and to have a go at discovering the next large-scale mineral deposit,” Turnbull said……

September 6, 2017 - Posted by | AUSTRALIA - NATIONAL, politics

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