QLD exploration receives funding boost

exploration

The Queensland Government is providing a further $2.5 million in collaborative exploration initiative (CEI) grants for mineral explorers, in hopes that new discoveries will ignite the local economy.

Managed by the Geological Survey of Queensland, the CEI has provided $10 million to mineral explorers over the last 14 years.

The $2.5 million funding was announced by Queensland’s Minister for Resources Scott Stewart, who explained the necessity for grants such as this.

“Investment in exploration today is what will lead to the next generation of projects and jobs, and these grants are in place to put Queensland’s industry on the front foot,” Stewart said.

“Explorers have the chance to apply for grants of up to $200,000 under the joint government-industry collaborative exploration initiative to help drive innovation to make new discoveries and economic growth across the state.

“Demand for the next generation of minerals is growing globally, driven by emerging technologies like electric vehicles, solar panels and battery storage, low-emission power sources, consumer devices, and products for the medical, defence and scientific research sectors.”

Queensland Exploration Council chair Kim Wainwright said previous successes had allowed for future confidence in the CEI’s outcomes.

“Funding received through a previous CEI round also contributed to Australia’s largest discovery of a copper-cobalt resource by Aeon Metals,” Wainwright said.

“Another great example is the $200,000 in funding awarded to Red Metal to use magnetotelluric survey equipment to undertake detailed mapping of known zinc, lead and silver deposits in and around the old Century mine near Lawn Hill.”

Stewart continued in emphasising how the state’s exploration activities had increased in recent years.

“The latest ABS data shows investment in Queensland exploration sector has risen to $677 million in 2020, which is up more than $117 million on the previous year,” Stewart said.

“The Palaszczuk Government has supported more than $21 billion in resource sector investment and created more than 8000 jobs.”

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