Sunday 11th Apr, 2021

Queensland’s 2020 exploration investments worth $675M

More than $675 million was invested into Queensland’s exploration sector in 2020, according to new data from the Australian Bureau of Statistics (ABS).

The ABS found more than $407 million was spent in exploration for minerals and coal, which is up 15 per cent.

Gold received one of the largest boosts in exploration investment – up 30 per cent on 2019 with $91 million invested, while copper was up 11.5 per cent at $73 million.

Coal exploration was up 19 per cent on the previous year with $209 million, while expenditure on exploration for silver, lead and zinc was up eight per cent to $7.9 million invested in 2020.

Queensland Resources Minister Scott Stewart said the ABS statistics on Mineral and Petroleum Exploration reasserted the positive outlook within Queensland’s resources sector.

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“These latest figures show that our resources sector is bouncing back stronger in the wake of the COVID-19 pandemic,” Stewart said.

“Because of all of Queensland’s health response to COVID-19, it means investors are backing our resources sector which has shown how important it is to the state’s economic recovery.”

“During the height of the COVID-19 pandemic, the Palaszczuk Government made a concerted effort to back our explorers through a number of grants and land rent waivers.

Stewart said the data shows that Queensland is the place to be for explorers.

“Our government is backing exploration because we know that more investment in exploration leads to more projects and more jobs for Queenslanders,” he said.

“In the latest budget, our government has invested more than $29 million in exploration grants, initiatives and COVID-19 support for explorers and miners over the next few years.

“Our budget boost for exploration will help drive future resource projects in our state and the thousands of jobs that will flow from them.”

Queensland’s resources sector supports more than 68,000 jobs across the state and represents $49 billion in exports.