Queensland continues to lead exploration activity

Queensland’s resources industry is continuing help drive the state’s economic recovery from COVID-19 with a continued increase in exploration expenditure and jobs. 

Resources Minister Scott Stewart said the latest data showed exploration expenditure was continuing to grow significantly, setting the foundation for the next generation of projects.

“This week's ABS data release is more good news for Queensland,” Mr Stewart said.

“Investment in Queensland exploration has increased by an impressive 22.5% per cent to $705 million in 12 months.

“Queensland’s boost in exploration expenditure has come from strong growth in exploration for minerals (up 14.5 per cent) and oil and gas (up 53.1 per cent) compared to the previous 12 months.

“Exploration investment is critical for finding new deposits and developing potential new projects, which means more royalties, more exports and more jobs for Queenslanders.”

Mr Stewart said the Palaszczuk Government continues to implement a range of measures to promote exploration activities and investment in Queensland.

“The Palaszczuk Government has invested more than $6.8 million in exploration grants and programs since 2017,” he said.  

“Investment in exploration today is what will lead to the next generation of projects and jobs, and these grants are in place to put Queensland’s industry on the front foot.

“Building on this, last year alone the Palaszczuk Government released a total of 8,205 square kilometres for gas exploration to maintain a pipeline of future resources projects.

“Backing the resources sector is a key part of Queensland’s economic recovery from the COVID-19 global pandemic.”

ENDS