More Miners Sign Up For JMEI

The federal government’s Junior Minerals Exploration Incentive (JMEI) has again been oversubscribed, with 43 companies successfully applying for the A$30-million of available credits for the 2019/20 year, the Association of Mining and Exploration Companies (Amec) said on Friday.

The JMEI is a tax credit arrangement, which allows mineral exploration companies that have no mining income to raise capital and to renounce and pass future tax deductions to their Australian resident investors.

The money raised must be spent on greenfield mineral exploration in Australia.