QLD provide drilling grants

The Queensland Government has provided more than a million dollars for exploration drilling throughout the state.

Nine projects will share in more than $1.17 million in grants for targeted exploration.

State mining minister Stirling Hinchliffe said these grants highlight the support for exploration by the industry into under-explored areas of Queensland.

Hinchliffe went on to say that “the government has approved grants for nine drilling projects proposed by eight companies under Round 6 of the Collaborative Drilling Initiative (CDI).

“The projects are spread throughout Queensland and range from exploration for gold, copper, coal seam gas, and base metals to identifying new potential geothermal energy resources.”

The CDI grants program is a partnership between the government and the mining industry.

“New mining and energy projects will create more jobs for Queenslanders and more flow-on economic benefits for our regional communities and programs like the Collaborative Drilling Initiative have also proved successful in attracting new exploration investment to Queensland.

“For example, exploration expenditure in Queensland has increased from $270 million in 2004-05 to a record $1 billion for the year to March 30, 2011,” he said.

The program itself is funded through the $18 million Greenfields 2020 scheme, which has been designed to encourage greater exploration in the state.

Those receiving the funding in this latest round are:

  • CST Lady Annie Operations – Dingo Well Anomaly Project
  • Icon Energy – ICON No.1 Project
  • Earth Ray Exploration – Eulo Ridge Project
  • Lodestone Energy – Tambo Project
  • Renison Consolidated Mines – Agate Creek Sherwood Bonanza Project
  • Granite Power – Ridler Heat Flow Project
  • Krucible Metals – Toomba Project
  • Krucible Metals – Kamaran Downs Project
  • Malachite Resources – Pikedale Project

Under the first round of the CDI, close to $3.5 million was paid too 33 companies.

Miners can access the grants to recover half the costs of drilling.

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