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North-West Queensland’s resources industry will get a half-million-dollar shot in the arm to drive exploration.
Speaking at the Queensland Resources Council annual State of the Sector event, Minister for State Development and Minister for Natural Resources and Mines Dr Anthony Lynham said the funds would back exploration in the world’s richest base metal region.
“The Palaszczuk Government recognises the importance of north-west Queensland for the economic future of the state,” Dr Lynham said.
“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 $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 annual exploration program.
Dr Lynham told the State of the Sector 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.”
“This year I granted the three mining leases for the Carmichael project. I declared the project critical infrastructure. These are major steps to get this project going.”
“I remain confident that the resources sector will remain the backbone of Queensland’s economy for decades.”