This year the Queensland State Budget’s has provided four-years $27 million commitment to expand mineral exploration and development in order to attract more investment to the region.
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The government funding will go towards geo-physical mapping, surveys and studies to improve the understanding of the geology of the area.
When announcing the funding the Minister for Natural Resources and Mines, Dr Anthony Lynham, stated that the mining industry in Queensland is approaching a critical juncture.
The Association of Mining and Exploration Companies agrees.
Many mines are coming closer to the end of their life, and they will need to be replenished.
To discover the mines of tomorrow, more investment in greenfields mineral exploration is needed.
The March quarter statistics were released recently by the Australian Bureau of Statistics (ABS) – which again highlighted that Australia needs more investment in greenfields mineral exploration.
The statistics showed that mineral exploration across Australia has continued its long-term downward trend. In original terms, total metres drilled fell 13.7%, with greenfields mineral exploration down 26.6% and brownfields down 5.6%, quarter on quarter in March 2017.
Greenfields mineral exploration has been on a downward trend for the last decade. In Queensland, according to the ABS, total mineral exploration expenditure reached the lowest level in twelve years.
As it can take 10 -15 years to develop a mineral deposit into a working mine site, this is a very serious situation.
What Queensland needs is greater investment in greenfields mineral exploration drilling.
For this reason, it is positive to see that $3.6million has been set aside for the Collaborative Exploration Initiative.
However, only a portion of this funding is actually directed towards the co-funded drilling scheme which will help companies fund drill holes.
The economic mineral deposits that lead to the mines of tomorrow are found by drilling in greenfields areas.
Each new mine brings with it jobs, revenues and royalties and a wide range of social benefits.
For the North West of Queensland mining and mineral exploration sector the recent budget holds good news.
AMEC looks forward to working with the government to attract investment and encourage exploration for the benefit of the whole economy
