A nearly $5 million investment will strengthen a booming exploration sector in Queensland, with the funding to go towards various programs.
Minister for Resources, the Hon. Scott Stewart MP, said supporting the exploration industry is important for finding new deposits and developing new projects.
“In turn, more projects mean more royalties, exports and more jobs for Queenslanders,” he said.
“That is why we are backing the sector with a range of grants and opportunities for explorers.”
The Queensland Government has invested more than $6.8 million in exploration grants and programs since 2017. This time around, the State Government will contribute $2.5 million towards Collaborative Exploration Initiative grants and a further $2.2 million to help with the development and expansion of the New Economy Minerals industry in Queensland.
Minister Stewart said the latest ABS data showed exploration expenditure in the state has increased by 22.5 per cent per cent to $705 million in 12 months.
“Queensland’s boost in exploration expenditure has come from strong growth in exploration for minerals (up 14.5 per cent) and oil and gas (up 53.1 per cent) compared to the previous 12 months.”
Association of Mining and Exploration Companies (AMEC) Chief Executive Officer, Warren Pearce, said Queensland continues to offer a highly supportive environment for exploration and mining investment and the grants will drive greater investment into the State.
“Much of this private investment is expected to be directed towards finding new economy minerals, vital for producing renewable and clean energy technologies.”
Terra Search Managing Director, Simon Beams, said there has been a real boom in demand lately for exploration services as companies look to find the next potential deposit.
“Terra Search is based in Townsville and we work closely with a range of junior miners as well as bigger operators to help with their exploration programs.”
