Queensland remains a resources drawcard, with exploration investment up by more than 20 per cent over the year to March.
Mines Minister Dr Anthony Lynham said today’s Mineral and Petroleum Exploration Australian Bureau of Statistics Report showed confidence in Queensland’s resources sector.
“Exploration investment is critical as it underpins future projects which means more royalties, exports and jobs for Queenslanders,” Dr Lynham said.
“Queensland trend exploration expenditure increased by 20.3 per cent to $134 million for first quarter of 2019, compared to the first quarter of 2018,” he said.
“Mineral exploration expenditure that is essential to supplying new tech metals for the global renewable and technology industry on trend was $75 million, an increase over the year of 13.4 per cent.
“Queensland also continues to be the investors’ choice for petroleum exploration in Australia, with our trend petroleum exploration expenditure up to an impressive $59 million for the first quarter of 2019, an increase over the year of 17.2 per cent.”
Dr Lynham said continuing strong exploration proved the value of the Palaszczuk Government’s reforms, particularly the annual Queensland Exploration Program.
The annual program, established in 2016, sets out areas to be released for exploration over the coming financial year, providing certainty for industry, landholders, communities and traditional owners.
“This government provided concessions for explorers during the downturn – concessions criticised by the LNP,” he said.
“This government is also investing $30.9 million over four years in the north-west for large-scale geological programs to help identify the next generation of resources projects.
“And we have helped facilitate more than $20 billion worth of resources projects, creating 7000 jobs.”
The exploration investment news follows a 20.8 per cent rise in resources merchandise exports to March 2019.
- Trend exploration for Q1 2019 was $134.2 million ($75.2M minerals, $59M petroleum); an increase of 20.3 per cent compared to Q1 2018.
- Trend minerals exploration for the year to Mar19 was $301.8 million (Q1 2019: $75.2 million), an increase of 13.4% (compared to the year to March 2018)
- Trend petroleum exploration for the year to March 2019 was $205.8 million (Q1 2019: $59 million), an increase of 17.2 per cent (compared to the year to March 2018).
Minister for Natural Resources, Mines and Energy
The Honourable Dr Anthony Lynham