Queensland Mines and Energy Minister Geoff Wilson has announced that the State has achieved record levels of investment in mining and petroleum exploration in 2007-2008, with more than half a billion dollars spent in the State.
According to Wilson, Queensland now has the second-highest level of mineral and petroleum investment in the country, behind Western Australia.
Wilson said a record $563.3 million had been invested in Queensland’s mining and petroleum industries in 2007-08.
“This record spend is due in no small part to our Smart Mining initiatives. Our $50 million investment in exploration is now paying huge dividends,” he said.
“It might sound dry on paper, but our Smart Mining initiatives are bringing in great returns on our investments.”
According to Wilson, the last 12 months has seen the discovery of one of the world’s richest mineral resource regions.
“The discovery of a new, untapped basin of this size is rare anywhere in the world. For one to be found in the heart of north west Queensland, is truly amazing,” he said.
“There is exciting potential for new discoveries of coal seam gas and geothermal energy.”