Aug 15, 2017

‘Shot in the arm’ for north-west exploration

‘Shot in the arm’ for north-west exploration

Collaborative exploration grants for north-west Queensland are the kick-start many explorers will need to get out in the field again, says the Association of Mining and Exploration Companies (AMEC) .

AMEC regional manager Les Cox was commenting as funding applications opened.

“It’s no secret exploration activity has been subdued right across Australia but direct incentives to meet up to half of the direct activity costs of drilling and survey work is certain to get wheels rolling,” Mr Cox said.

“Exploration is a high-risk, high-cost venture at any time with no guarantee that it will pay off. That’s why it is so important for the mines of tomorrow that government supports exploration today.”

Natural Resources and Mines Minister Dr Anthony Lynham said explorers wanting to work in the North West Minerals Province had until September 29 to apply for collaborative exploration initiative grants.

“These grants are yet another shot in the arm for the North West,” Dr Lynham said.

Our Strategic Blueprint for Queensland’s North West Minerals Province released last month sets the direction and these are the dollars to drive the next wave of resource development for the region.”

Grants meet up to half of direct activity costs, including drilling and geophysical and geochemical surveys, to a maximum of $200,000.

An incentive of up to an additional $100,000 applies to Round 1 if the project is completed by August 10, 2018.

Queensland Exploration Council (QEC) chairman Brad John said the $3.6 million Collaborative Exploration Incentive (CEI) would attract new investment to under-explored and more challenging areas of north-west Queensland, while testing innovative approaches to existing methods.

“The government is to be congratulated for building on their previous, highly successful Collaborative Drilling Initiative and broadening its scope with the CEI, to include non-drilling activities such as geophysics, geochemistry and other surveys,” Mr John said.

“This funding is just the motivation our exploration companies need right now, to get going ahead of the new cycle. Not only will it encourage exploration in these promising parts of our state, it will attract further investment, create jobs and benefit the wider Queensland economy.”

For more information visit business.qld.gov.au/industries/invest/mining/exploration-incentives/exploration-grants