The Queensland Government has partnered with the University of Queensland to develop a digital tool for mining exploration, uncovering almost 600 mineral and rare earth deposits.
The joint project forms part of the Government’s $24 million New Economy Minerals Initiative which looks to set the state for a future in renewable technologies.
Resources Minister Scott Stewart said this project would more than pay for itself once miners were given access upon the tool’s completion.
“Unearthing potential new deposits could mean new projects which means new jobs, which is an important part of the Palaszczuk Government’s economic recovery plan from COVID-19,” Stewart said.
“Queensland is rich in new economy minerals, but there’s a lot of time, effort and money that goes into exploration and proving-up resources before new projects and jobs ever result.”
A total of 18 months of work compiling, analysing and collating data sets has been put into the digital tool for miners to use in search of minerals such as tin, tungsten, silica, rare earths and cobalt.
Stewart pointed to recent Australian Bureau of Statistics (ABS) figures to give reason for the time and money invested in such a tool.
He said in the 12 months to June 30, 2021, Queensland invested more than $706 million into finding these new resources.
“That’s 10 per cent up on the previous year and an even more impressive 60 per cent up on the same period three years ago,” Mr Stewart said.
With the tool, less time will be spent on searching and more will be spent on developing new mines.
The New Economy Minerals Initiative focuses on a broad corridor from Mount Isa in central Queensland to Townsville on the coast.