New funding for Queensland exploration will boost local discoveries
Queensland’s critical minerals industry is at the forefront of significant development with a further boost of $2.5million in grants announced today by Resources Minister Scott Stewart.
The Queensland Exploration Council (QEC) has welcomed the news and congratulates the 13 local exploration companies awarded a share in the funding through the State Government’s Collaborative Exploration Initiative (CEI).
QEC Chair Kim Wainwright said it was another feather in the cap for Queensland’s critical minerals industry, which continues to flourish and receive incentives and encouragement.
“Through announcements like the CEI today providing $2.5 million of pivotal funding for minerals and gold explorers, these small Queensland explorations companies feel more supported than ever before,” Ms Wainwright said.
“This comes off the back of the fantastic news in November last year, when vanadium explorers received essential funding of $15million for a common user facility to get their industry up and running.
“Queensland is closer than ever to becoming one of the world’s biggest exporters of the critical minerals needed to create and power the technologies our future generations will demand.”
Ms Wainwright said a recent QEC explorer sentiment survey, the Queensland Exploration Scorecard 2021, clearly showed a new wave of confidence towards attracting investment capital, particularly for minerals projects.
“We already know a majority of Queensland explorers are more confident than ever about getting their projects off the ground with investment capital,” she said.
“What’s also promising is that the Scorecard identified a third of our explorers have forecasted exploration expenditure to increase by more than 25% this financial year.
“Expenditure data from the ABS for the previous 12 months to June 2021 showed a staggering 43% increase in gold exploration expenditure and 20% increase in copper exploration spending.
“The proof is all here. Grants like the CEI from the Queensland Government, increased exploration spending and confidence towards investment capital are exactly why Queensland’s critical minerals industry is on track to accelerate!”
