Queensland’s exploration sector is on the brink of unlocking significant new opportunities and generating further economic gains, according to the recently released 2024 Exploration Scorecard by the Queensland Exploration Council (QEC), the exploration arm of the Queensland Resources Council (QRC).
The scorecard, now in its 14th edition, serves as a crucial barometer for the state’s exploration activities and highlights both the potential and challenges facing the industry.
QRC Chief Executive Officer Janette Hewson emphasised the importance of exploration for the future success of Queensland’s resources sector.
“Queensland has world-leading expertise, data, and technology underpinning our sector that can unearth reserves of the coal, gas, metals, and critical minerals the world demands,” Hewson stated.
She noted that these commodities are essential for current energy and infrastructure needs, as well as for future technologies aimed at achieving global decarbonisation targets.
However, the scorecard also reveals that despite strong positive industry sentiment about the significant potential for explorers, investor confidence is being impacted by policy uncertainty, regulatory changes, and rising costs.
QEC Chair Kim Wainwright stressed the need for a clear and certain pathway to production to attract and sustain investment in exploration.
“Queensland’s extensive resource base and skilled workforce position us well for future growth, but we must address the policy and regulatory challenges to unlock its potential,” Wainwright said.
The QEC Scorecard is being presented as a call to action for all stakeholders to ensure Queensland remains an attractive destination for exploration investment.
It highlights trends that should inform long-term decision-making and policy settings to position Queensland as a resource-growth state.
Looking ahead, the industry is eager to collaborate with the new Queensland government.
Hewson expressed encouragement over government commitments to attract new investment and streamline project approvals, which she deemed critical for maintaining a strong resources sector in the state.
As Queensland’s exploration sector stands at this crucial juncture, the call for policy certainty echoes loudly, with industry leaders emphasising its role in unlocking the state’s full potential in the global resources market.