QEC welcomes Federal Budget announcements for critical minerals and exploration initiatives
16 May 2024
The Queensland Exploration Council (QEC) has welcomed exploration-focused initiatives announced in the 2024-25 Federal Budget, that will support critical minerals exploration in Queensland.
QEC Chair Kim Wainwright said the $7 billion allocation for a 10 percent production tax credit over the decade from 2027-28 is encouraging for critical mineral explorers to progress to production.
“Queensland’s vast endowment of critical minerals, like rare earth elements, cobalt, titanium, vanadium and silica, lays a solid foundation towards advancing clean energy technologies worldwide,” Ms Wainwright said.
“Recognising the pivotal role of critical minerals in shaping ‘A Future Made in Australia,’ the Australian Government’s initiative is welcome, and I look forward to seeing critical minerals production increase over the decade.
Ms Wainwright said the additional announcement on the allocation of funds for pre-feasibility studies for common-user processing facilities and a critical minerals trade enhancement initiative underscores the Federal Government’s stance in positioning Australia as a critical minerals leader.
“The crucial component to complete the puzzle is the essential infrastructure across the supply chain for critical minerals processing here in Queensland.
“We’ve witnessed a notable success story in Queensland with the common-user vanadium processing facility in Townsville, originally announced in 2021. However, to further advance our capabilities, we need additional facilities in Queensland, particularly in the North West Minerals Province.
Queensland Resources Council Chief Executive Officer Janette Hewson said the Federal Budget’s $566 million funding to Geoscience Australia over the next 10 years towards the Resourcing Australia’s Prosperity program, heralds a new era of comprehensive mapping and exploration efforts.
“Through in-depth analysis of highly prospective regions, critical minerals, groundwater reservoirs, and resources essential for our transition to a lower emissions future, this initiative lays the groundwork for sustained prosperity and innovation,” Ms Hewson said.
Kim Wainwright said Queensland continues to play a pivotal role in Australia’s exploration landscape.
“QEC stands ready to collaborate with stakeholders to harness the full potential of these initiatives,” Ms Wainwright said.
Media contact: Sam Nasternak, samanthan@qrc.org.au or 07 3295 9560
About Queensland Exploration Council (QEC):
QEC is the exploration arm of the QRC and is dedicated to promoting exploration in Queensland’s resources sector. It collaborates with members and stakeholders to provide insights and advocate for the growth and sustainability of the exploration sector in Queensland.
