Speaking at the AMEC Convention this morning, Canavan noted that some people had been upset by the recent scrapping of the Exploration Development Incentive.

Canavan said the EDI had been scrapped following an independent review.

“That review found that the scheme was not meeting its objectives,” he said.

Canavan said there had been a low uptake, which had only declined over the course of the three-year trial, and there were concerns about the design.

“The EDI still has a year to run in which the tax credits can be claimed,” he said.

“If this shows a significant reversal in the trend so far, and it shows there is a large uptake of the scheme, I will be the first to argue your case.”

Canavan said AMEC had put forward alternatives, but it was determined that those were also unsuitable.

However, he committed to working with AMEC to boost exploration.

“I’m offering today a clean slate to work on something better,” Canavan said.

“I won’t stand here and make promises I can’t keep or are unsustainable for the budget, but my door is open to working with you.”