$4.6 million to drive critical mineral discoveries in Queensland

Published Friday, 05 April, 2024 at 03:32 PM

Minister for Resources and Critical Minerals
The Honourable Scott Stewart

$4.6 million to drive critical mineral discoveries in Queensland

$4.6 million to drive critical mineral discoveries in Queensland

  • $4.6 million in funding to discover more critical minerals.
  • 18 successful Queensland projects.
  • Program exploration data will be made publicly available.

Queensland companies have won funds to dig, drill, sample, and survey for new critical mineral deposits right across Queensland.

The latest Collaborative Exploration Initiative (CEI) round provides funding of up to $300,000 to 18 projects across regional Queensland including near Chillagoe, Cloncurry, Mount Isa and Townsville.

Funding has been given to projects prioritising the discovery of critical minerals which are needed to help make the solar panels, turbines, batteries and other technologies the world needs to decarbonise.

Nearly three quarters of all successful projects are involved in the discovery of new copper deposits, an essential resource for many types of clean energy.

The Miles Government committed $22.6 million over five years to the CEI program under the Queensland Resources Industry Development Plan to support Queensland's exploration companies fast-track our state's critical mineral discoveries.

The CEI program compliments Queensland Critical Minerals Strategy which oversees $245 million in investment to transform the state, national and global economy through the responsible use of Queensland’s critical minerals.

It also builds on the Miles Government’s $5 billion Copperstring 2032 project which will help unlock potentially $500 billion of critical mineral projects in the North West Minerals Province.

Program data will be made public to help encourage more critical mineral discoveries in Queensland.

Quotes attributable to the Resources and Critical Minerals Minister Scott Stewart:

“Queensland companies are on the hunt for minerals that will power tomorrow’s world,” he said.

“This funding provides a financial safety net for explorers to take on projects in the hope that it will lead to important discoveries.

“We want Queensland to mine, process, and manufacture those new economy minerals to create jobs and produce royalties that will fund Queensland schools, hospitals and roads.

“You can’t have a renewable energy without a resources sector, and you can’t have a healthy resources sector without exploration.

“By facilitating these exploratory projects, we are not only laying the groundwork for economic prosperity but also reinforcing Queensland's position as a key player in the global resources market.

“It’s this government that is backing the resources industry through programs like this as well as the establishment of the Critical Minerals Queensland office in Townsville.”

Quotes attributable to True North Copper’s Managing Director, Marty Costello:

“The Vero Deposit at Mt Oxide is our next mine,” he said.

“This is a pivotal moment for True North Copper as we aggressively explore the Mt Oxide Project.

“The Collaborate Exploration Initiative facilitates Queensland companies like True North Copper to harness cutting-edge science to achieve real-world critical minerals exploration outcomes.

“We will use our CEI grant of $300,000 to deploy MIMDAS, a deep seeking geophysical technique, and work towards unlocking our Mt Oxide Project’s full potential.”

Further information:

Read more about the successful projects and the Collaborative exploration initiative.

Funding is currently provided under the Queensland Resources Industry Development Plan (QRIDP), with $22.6 million available until June 2027 to support Queensland's exploration companies to discover the future mines to produce the minerals and metals that the world needs.