Resources Council slams oil shale decision

Queensland Resources Council chief executive Michael Roche has slammed the Queensland Government over its declaration of a 20-year moratorium over the development of the McFarlane oil shale deposit.

Queensland Resources Council chief executive Michael Roche has slammed the Queensland Government over its declaration of a 20-year moratorium over the development of the McFarlane oil shale deposit.

The Queensland Government’s declaration of a 20-year moratorium over the development of the deposit would further erode Queensland’s standing as a destination for exploration investment, according to Roche.

“Global exploration managers already rank Queensland as the least attractive jurisdiction in Australia and this decision is only going to reinforce that perception,” Roche said.

“Sovereign risk is a key consideration with billions of dollars at stake.

“Queensland has now effectively halted the development of two globally significant energy fuels in 15 months for the sake of local politics.

“The conservation issue surrounding the McFarlane oil shale decision is the marginal ALP seat of Whitsunday.

“There is no obstacle to the State government taking a hard-nosed role in relation to the environmental performance of the proposal, especially with up to 1.6 billion barrels of Australian oil at stake.”

Roche said Queensland’s 2007 prohibition on the mining and export of uranium had already dragged the state’s global reputation and investment credentials into question.

“Publicly we hear Ministers proclaiming support for the state’s most successful industry sector, but in reality, short term politics still win out over a long term vision for the resources sector,” he said.

“The Government’s oft-promoted support for the industries generating Queensland’s wealth seems to have become hostage to the guerrilla tactics of fringe groups like Greenpeace.

“What next Greenpeace resource sector target will have the Queensland Government folding under a tiny bit of pressure?”

For your FREE subscription to Australian Mining magazine, contact reader services on 1300 360 126.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.