Explorers keep up the hunt for Qld resources

Published: Comments:
Money & Finance Political Primary Industries Queensland Government

Social:   

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.

Key numbers

  • 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

 
Department of Natural Resources and Mines, Queensland Government :
61 Mary Street, Brisbane, Queensland 4000, Brisbane
07 5451 2222
13 74 68
07 5451 2262
Department of Natural Resources and Mines, Queensland Government
Showing 10+ recent articles for this business
Budget drives safer dams, mines and reef protections 11 June 2019 | Enhancing the safety of our dams and mines and protecting the Great Barrier Reef are key facets of the 2019-20 Natural Resources, Mines and Energy budget. More information...
Explorers keep up the hunt for Qld resources 03 June 2019 | Queensland remains a resources drawcard, with exploration investment up by more than 20 per cent over the year to March. More information...
Queensland turns up the burners on gas 28 May 2019 | The Queensland Government continues to drive national gas policy with more companies seeking domestic gas and more to come to tackle onshore shortages. More information...
It is now law – landholders to be reimbursed during negotiations 19 April 2019 | Queensland landholders can be reimbursed for out of pocket expenses incurred in negotiating conduct and compensation agreements with a resource company - as of today (April 19) - regardless of whether or not an... More information...
New regrowth code a boost for coastal small crop farmers 09 April 2019 | Coastal small crop farmers are set to benefit from proposed changes to the new regrowth vegetation code. More information...
Easter warning for hidden dangers at lakes as water levels drop 05 April 2019 | Falling water levels at some of South East Queensland’s most popular lakes, have prompted a warning to swimmers and boaties to be aware of dangers below the surface. More information...
Qld puts in Budget bid for gas pipelines – again 28 March 2019 | The Palaszczuk Government has turned up the heat on Canberra for new pipeline funding to bring more Queensland gas to market. More information...
Dam swim safety warning issued ahead of long weekend 25 January 2019 | Water safety in summer isn’t just about swimming between the flags at the beach: it’s about swimming in the designated areas in dams as well. More information...
Safe, legal fireworks to light up the skies this festive season 30 December 2018 | Watching an organised public fireworks display is the safe and responsible way to have a cracker festive season. More information...
Avoid the hospital emergency room and use gas safely 26 December 2018 | Queenslanders are being cautioned to play it safe with gas appliances over summer to avoid ending up in a hospital emergency room. More information...



Social:   
comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service