Exploration investment on track in Queensland

The State Government is on track to meet its target of doubling mining and petroleum exploration investment in Queensland to $540 million by 2010.

Mines and Energy Minister Geoff Wilson said today that total exploration investment in Queensland in the last financial year was $464 million, over $110 million more than the the year before.

“We are confident of meeting our target, given total exploration investment has risen by more than $240 million since 2004,” Mr Wilson said.

The Minister said the State Government had injected $50 million into initiatives such as Smart Exploration and Smart Mining – Future Prosperity which were driving the exploration boom and helping the government reach its goal.

The figures were released in the Department of Mines and Energy’s 2007 annual report which was tabled in State Parliament this week.

“My Department has lent its support to almost 60 mining and petroleum projects, eleven of which reached construction stage during the year,” Mr Wilson said.

“Some major projects included seven coal and four mineral projects which have led to almost $2.3 billion in new capital investment, almost double that of last year.

“Not only is the mining boom good for the state’s economy. It’s providing jobs and job security. More than 1350 full-time jobs were created this year,” he said.

The Minister said the state also reaped more than $1.3 billion in mining and petroleum royalties.

“The royalties we receive from the mining industry help build our hospitals and schools, put police on the beat and teachers in our classrooms,” he said.

Mr Wilson said the state’s gas industry continued to expand, due in no small part to the State Government’s world-leading 13% gas scheme which requires large electricity retailers to source 13% of their electricity from gas-fired generation.

“Under Climate Smart 2050 we’re increasing the gas scheme to 18% by 2020,” he said.

Minister Wilson said the Department also finalised an agreement with Ergon Energy for Townsville’s $30 million Solar City project. The State Government has injected $15 million into the project which is expected to reduce greenhouse gas emissions by over 50,000 tonnes.

Media Inquiries: Ellen McIntyre 3225 1819