Record target reached ahead of time

Mines and Energy Minister Geoff Wilson said today that a record of more than half a billion dollars had been invested in mining and petroleum exploration in Queensland.

“We made an election promise in 2006 to boost exploration expenditure to $540 million by 2009,” Mr Wilson said.

“We’ve reached that target a full year ahead of time,” he said.

Minister 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.

“For instance, out of the money we’ve invested in exploration, we discovered a new mineral and energy basin in one of the world’s richest mineral resource regions.

“It’s one of the most exciting finds of the century. 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.

“There’s exciting potential for new discoveries of coal seam gas and geothermal energy,” he said.

Minister Wilson said today’s exploration would lead to tomorrow’s mines and jobs.

Queensland now has the second-highest level of mineral and petroleum investment in the country, behind Western Australia.

“The mining and petroleum industries have underpinned Queensland’s strong economy for more than 160 years. They’re vital to our future prosperity.

“And that’s why the Bligh Government will continue to invest in programs. We’re looking beyond the horizon, beyond the boom.

“We want all Queenslanders continue to enjoy the benefits of the resources boom for many years to come,” he said.

Media Inquiries: Ellen McIntyre 3225 1819