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More funding for Queensland exploration

RESOURCES EXPLORATION

Queensland launches the State Government of $2.5 million in funding for this Collaborative Exploration Initiative (CEI) round. Queensland Exploration Council Chair Kim Wainwright said: “the CEI has provided $10 million worth of funding to more than 190 explorers over the past 14 years.”

New mineral discoveries will lead to more jobs for Queenslanders and billions of dollars in royalties going into the state budget.

“Funding received through a previous CEI round also contributed to Australia’s largest discovery of a copper-cobalt resource by Aeon Metals,” she said.

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“Another great example is the $200,000 in funding awarded to Red Metal to use  magnetotelluric survey equipment to undertake detailed mapping of known zinc, lead and silver deposits in and around the old Century Mine near Lawn Hill.”Ms Wainwright said.

Also, Queensland’s exploration data now available to all explorers is expected to encourage the resources sector to grow in the future.

Resources Minister Scott Stewart said: “data sharing would help drive positive investment across the state and in turn Queensland’s economy.”

“Data and the sharing of that information is what will drive our world-class resources sector in the near future – it is the lifeblood of exploration,” Mr Stewart said.

“Almost 20,000 new industry exploration reports spanning the last 50 years will be made available to the resources industry, leading to greater transparency and bringing to light information relating to the exploration of Queensland’s coal and minerals.

“This new wave of information, combined with 60,000 existing reports, will allow for informed investment and explorative decisions, and give more certainty for large and small explorers.

“For years these reports have been kept in confidence, but following regulatory changes made in 2020, coal and mineral exploration reports will now be made available after 5 years as opposed to being held for the life of tenure.

“It’s all about making critical information more accessible and mapping out a roadmap for exploration for decades to come.

“Exploration and the resources sector will continue to be essential for Queensland as we continue to deliver Queensland’s plan for economic recovery.”

Mr Stewart said: “the data release would encourage other explorers from across the world to look at Queensland. We continue to lead the way for the rest of the nation when it comes to making data available for exploration and this is just another example.”

“The latest statistics from the ABS show Queensland’s exploration sector continues to grow with more than $677 million invested in 2020, up more than $117 million on the previous year.

“Not only are there jobs available within the exploration sector, new discoveries like those in the North West Minerals Province will help drive Queensland’s economic recovery from the COVID-19 global pandemic.”

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AMSJ April 2022