Explorers are eager to find Queensland’s next big resources project, with record bids received for government exploration grants.
145 explorers put their hand up to share in $2.8 million of funds as part of the latest round of collaborative exploration grants. That is more than double the interest from previous rounds.
The State Government brought forward the grant round as part of a multi-million dollar COVID-19 package to support the survival and revival of Queensland’s explorers.
“It’s clear that explorers were looking for stimulus to get through the COVID-19 storm,” said Minister for Natural Resources, Mines and Energy, the Hon. Dr Anthony Lynham.
Queensland Exploration Council (QEC) Chair, Kim Wainwright, said exploration investment data released by the Australian Bureau of Statistics (ABS) showed a strong start to this year, with end-of-March quarter figures stating a 20 per cent increase in mineral exploration since the previous quarter.
“The ABS data from the March quarter has shown an astounding 60 per cent increase in Queensland mineral exploration year-on-year,” Ms Wainwright said.
“Our explorers were on the right track for a year of growth in 2020, but the coronavirus has thrown a curve ball to the exploration industry.”
Explorers have the chance to receive grants of up to $200,000 that encourage innovation in exploration techniques to establish the resource projects of the future.
A panel of six industry experts will now consider all applications and decide on the successful applicants. Successful candidates are expected to be announced on 15 July.
The government’s resources relief package also included:
- a 12-month waiver of rent on exploration land due between 1 April and 1 September
- a freeze on fees and charges until 1 July 2021
- releasing almost 7000 square kilometres of land for gas and mineral exploration.