The State Government is offering $500,000 in grants to support exploration work in north-west Queensland.
Speaking at the Queensland Resources Council annual State of the Sector event today, Natural Resources and Mines Minister Dr Anthony Lynham said the funds would back exploration in the world’s richest base metal region.
“The Palaszczuk Government recognises the importance of north-west Queensland for the economic future of the state,” Dr Lynham said.
“There are already green shoots popping up across Queensland’s resources sector including in the North West, such as the recent opening of CuDeco’s $640 million Rocklands copper mine near Cloncurry.
“These funds will help to continue this momentum. It will provide direct support for drilling exploration to drive greater exploration success – the fundamental of our resources sector.”
The exploration boost comes on top of the recent release of land for exploration in the north-west as part of Queensland’s annual exploration program.
Dr Lynham told the State of the Sector that although it had been a tough year for the resources sector, conditions were improving, especially for coal.
“The coking coal spot price has doubled since last November, and the spot price of thermal coal has almost doubled since July,” he said.
“And our Government is taking action to help drive the resource sector’s recovery, on top of our existing royalties freeze, the lowest payroll tax rate in the country and heavy investment in innovation.”
“This year I granted the three mining leases for the Carmichael project. I declared the project critical infrastructure. These are major steps to get this project going.”
“I remain confident that the resources sector will remain the backbone of Queensland’s economy for decades.”
The $500,000 exploration initiative for drilling in the North West Minerals Province will offer successful applicants grants of up to $150,000 to cover half the costs of their exploration project.
Applications will open soon with interested explorers encouraged to subscribe to the Exploration Grants updates list at http://www.vision6.com.au/em/forms/subscribe.php?db=371946&s=94643&a=23788&k=11d1ed3 or contact the Collaborative Drilling Initiative team for more information on 07 3096 6121 or at firstname.lastname@example.org