Mining Sector – Grants and Assistance
Most of the grants available in the mining sector are funded by the Australian Federal government. In this section, we will discuss some of the grants available in this area and their eligibility criteria.
One of the grants available in the mining sector aims at developing the SME’s by encouraging investments in small minerals mining companies that carry out Greenfields mineral exploration in Australia. It focuses on eligible exploration companies to generate tax credits by choosing to give up a portion of their losses from Greenfields mineral exploration costs. Up to $30 million is available in the from of grants.
To be able to apply for this grant, companies must:
- be a Greenfields minerals explorer
- have incurred Greenfields minerals expenditure for the income year
- must not have carried on any mining operations during the income year
Companies seeking the grant should apply electronically with the Australian Tax Office (ATO).
One of the programs funded by the Australian state government aims at improving the infrastructure of mining-related communities. It forms part of the $1.3 billion Regional Growth Fund that aims to enable essential infrastructure. There is no minimum or maximum funding amount for this grant. However, all mining related projects must have a minimum financial co-contribution of 25% of the total grant amount.
Another grant available in the mining research sector aims at funding the candidates that are on the lookout to reduce the environmental impacts of mining and coal utilisation. It mainly focuses on assisting the Australian coal industry to develop and adopt technology and mining practices that reduce negative impacts on the environment. The grant provides $100,000 per annum tax free to the candidate. Additional support may be available to the hosting university.
To be able to apply for this grant a candidate must be:
- an employee of the Australian coal industry or an industry directly associated with it
- satisfy university requirements for postgraduate degrees
- have been employed in the industry for a minimum of 3 years after graduating
Mining Equipment and Technology
One more program funded by the Australian Government aims at delivering benefits to the companies operating in the Mining Equipment and Technology Services (METS) sector. This grant is available annually and provides a matching fund between $250,000 and $1 million to eligible applicants.
To be able to qualify for this grant, an applicant:
- must represent a consortium of industry partners from within the mining and METS sector
- must be conducting business within Australia
- should demonstrate commercial track record
- may be public or private
Above mentioned grants are only some of the many incentives that the Australian Government provides for companies and employees operating in the mining sector. To know more about such grants please speak to one of our advisors.