There has been an increase in resource exploration in Queensland.
There has been an increase in resource exploration in Queensland. Daily Mercury Archives

Major increase in Queensland resource exploration

EXPLORATION in the resource sector is up by 20 per cent in the 12 months to March, Australian Bureau of Statistics show.

Mines Minister Dr Anthony Lynham said the petroleum exploration report showed confidence in Queensland's resource sector.

"Exploration investment is critical as it underpins future projects which means more royalties, exports and jobs for Queenslanders,” Dr Lynham said.

"Queensland trend exploration expenditure increased by 20.3 per cent to $134 million for first quarter of 2019, compared to the first quarter of 2018.

"Mineral exploration expenditure that is essential to supplying new tech metals for the global renewable and technology industry on trend was $75 million, an increase over the year of 13.4 per cent.

"Queensland also continues to be the investors' choice for petroleum exploration in Australia, with our trend petroleum exploration expenditure up to an impressive $59 million for the first quarter of 2019, an increase over the year of 17.2 per cent.”

Dr Lynham said continuing strong exploration proved the value of the Palaszczuk Government's reforms, particularly the annual Queensland Exploration Program.

The spike follows a 20.8 per cent rise in resources merchandise exports to March.

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xEXPLORATION in the resource sector is up by 20 per cent in the 12 months to March according to the Australian Bureau of Statistics, indicating confidence has strengthened in the sector.

Mines minister Anthony Lynham said the minister and petroleum exploration report shows confidence in Queensland's resource sector.

"Exploration investment is critical as it underpins future projects which means more royalties, exports and jobs for Queenslanders,” Dr Lynham said.

"Queensland trend exploration expenditure increased by 20.3 per cent to $134 million for first quarter of 2019, compared to the first quarter of 2018.

"Mineral exploration expenditure that is essential to supplying new tech metals for the global renewable and technology industry on trend was $75 million, an increase over the year of 13.4 per cent.

"Queensland also continues to be the investors' choice for petroleum exploration in Australia, with our trend petroleum exploration expenditure up to an impressive $59 million for the first quarter of 2019, an increase over the year of 17.2 per cent.”

Dr Lynham said continuing strong exploration proved the value of the Palaszczuk Government's reforms, particularly the annual Queensland Exploration Program.

The annual program, established in 2016, sets out areas to be released for exploration over the coming financial year, providing certainty for industry, landholders, communities and traditional owners.

"This government provided concessions for explorers during the downturn - concessions criticised by the LNP,” he said.

"This government is also investing $30.9 million over four years in the north-west for large-scale geological programs to help identify the next generation of resources projects.

"And we have helped facilitate more than $20 billion worth of resources projects, creating 7000 jobs.”

The exploration investment news follows a 20.8 per cent rise in resources merchandise exports to March 2019.

Key numbers

  • Trend exploration for Q1 2019 was $134.2 million ($75.2M minerals, $59M petroleum); an increase of 20.3 per cent compared to Q1 2018.
  • Trend minerals exploration for the year to Mar19 was $301.8 million (Q1 2019: $75.2 million), an increase of 13.4% (compared to the year to March 2018)
  • Trend petroleum exploration for the year to March 2019 was $205.8 million (Q1 2019: $59 million), an increase of 17.2 per cent (compared to the year to March 2018).


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