Qld gives a boost to exploration

PERTH (miningweekly.com) – The Queensland government has set aside A$500 000 to back exploration in the world’s richest base metals region.

Minister for State Development and Natural Resources and Mines, Dr Anthony Lynham, said on Wednesday that the state government recognised the importance of north-west Queensland for the future of the state.

“There are already green shoots popping up across Queensland’s resources sector including in the North West, such as the recent opening of CuDeco’s A$640-million Rocklands copper mine near Cloncurry.

“These funds will help to continue this momentum. It will provide direct support for drilling exploration to drive greater exploration success – the fundamental of our resources sector.”

The exploration boost comes on top of the recent release of land for exploration in the north-west as part of Queensland’s yearly exploration programme.

Lynham said that although it had been a tough year for the resources sector, conditions were improving, especially for coal.

“The coking coal spot price has doubled since last November, and the spot price of thermal coal has almost doubled since July,” he said.

“And our government is taking action to help drive the resource sector’s recovery, on top of our existing royalties freeze, the lowest payroll tax rate in the country and heavy investment in innovation.”

“I remain confident that the resources sector will remain the backbone of Queensland’s economy for decades.”