Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
“Thousands of Australian shareholders will benefit from the Federal Government`s Exploration Development Incentive (EDI) programme”, said Simon Bennison, Association of Mining and Exploration Companies (AMEC), Chief Executive Officer.
“The announcement today by the Assistant Treasurer and the Minister for Resources that 84 mineral exploration companies have been successful in the first year of operation of the programme is great news.
“It vindicates the commitment and drive by AMEC to get the Coalition Government to commit to, and then implement the EDI, commencing 1 July 2014.
“On receipt of advice from the successful companies, the relevant Australian shareholders will be able to claim accumulated tax offsets of $21 million when lodging their next returns.
“A further $35 million will be available to eligible mineral exploration companies relating to the 2015/16 year, and another $40 million for the 2016/17 financial year.
“The EDI will play a part in stimulating increased investment in mineral exploration in Australia, and lead to discovering the mines of tomorrow.
“The subsequent social and economic benefits for the nation will be immense.
“AMEC has been working closely with the Australian Tax Office and the Department of Industry and Science in order to review the operation of the EDI, and looks forward to some of the initial administrative issues being remedied during a broader review,” said Mr Bennison.
AMEC is the peak national industry representative body for mineral exploration and mining companies within Australia.
