Continuing resources exploration key to long term growth
5 September 2019
The Queensland Resources Council (QRC) said exploration potential within the state must be developed with new incentives, given the importance of the resources sector to our state and national economy as reflected in key economic data this week.
Figures this week have underlined the importance of the resources sector to our economy, including the first current account surplus since 1975 largely due to demand for our world-class resources exports, and GDP figures showing mining is a bright spot for economic growth.
“That economic snapshot shows just how important our resources sector is to all Queenslanders and all Australians,” QRC Chief Executive Ian Macfarlane said.
“Queensland is already doing plenty of the heavy lifting to contribute to national returns with our exports of coal and gas.
“But Queensland can’t afford to take our standing as a resources world leader for granted. Now is the time for further investment to lay the foundation for the decades ahead.
“Investment in minerals exploration in Queensland shows there is huge potential for our great resources state.
“The most recent exploration data shows a 12 per cent increase in mineral expenditure compared to the same time last year.”
Queensland highlights from the ABS data include:
- Gold — up 80% ($9.4m) over the quarter and up 62% ($8.1 m) over the same quarter in 2018
- Coal — up 55% ($13.5 m) over the quarter and up 28% ($8.4 m) over the same quarter in 2018
- Copper— up 42% ( $4m) on the march quarter but down 1% (-$0.2 m) compared to same quarter in 2018
- Selected base metals (copper, silver, lead-zinc, nickel and cobalt combined) — up 73% ($9.9 m) over the quarter and up 1% ($0.2 m) compared to same quarter in 2018
“Queensland is in the sweet spot to deliver more economic returns from resources, given our substantial mineral prospectivity and a skilled workforce based in key regional centres alongside a network of supporting service industries.
“The QRC is keen to work with the Queensland Government on new incentives for exploration and resources development to make the most of our opportunities. Ongoing investment in exploration is the first step in reaping returns through more jobs, more investment in regional communities and more royalties in the years ahead.
“Smart planning now will deliver significant benefits for all Queenslanders.”
Media contact – Kylie Barron 0438 493 114