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Resource exploration spending in Queensland increased by almost AUS$130 million or 23% in 2020, according to new data released by the Australia Bureau of Statistics.
Queensland Resources Council (QRC) Chief Executive, Ian Macfarlane, said increased expenditure in coal, metals and gas exploration was a strong signal in the long-term confidence of the resources sector, particularly in the wake of the devastating impact COVID-19 has had on sections of the economy.
“These latest exploration expenditure figures tell a very positive story about the new investment and new jobs that are going to help Queensland work and earn its way through COVID,” Macfarlane said.
An exploration forum in Brisbane today heard Queensland’s resources industry has grown exponentially over the past decade, and by an incredible 77 per cent in the past three years.
Queensland Exploration Council (QEC) Chair Kim Wainwright said exploration expenditure in Queensland has been robust over most of the past 10 years, apart from a drop in 2015-17, but had been on a steep upwards trajectory since 2018.
“For the past decade, the QEC’s annual Scorecard publication has shown a highly positive explorer sentiment towards resource prospectivity, which is very good news for our industry and a barometer for how well the resources sector is travelling,” she said.
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A recent exploration forum in Brisbane revealed Queensland’s resources industry has grown exponentially over the past decade, and by 77% in the past 3 years.
Queensland Exploration Council (QEC) Chair, Kim Wainwright, said exploration expenditure in Queensland has been robust over most of the past 10 years, apart from a drop in 2015 – 2017, but had been on a steep upwards trajectory since 2018.
“For the past decade, the QEC’s annual Scorecard publication has shown a highly positive explorer sentiment towards resource prospectivity, which is very good news for our industry and a barometer for how well the resources sector is travelling,” she said.Wainwright told a gathering of more than 130 explorers, producers, investors, researchers and regulators that Queensland had enormous resources prospects and a skilled workforce focused on “that next big discovery.”
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Exploration activity across coal, petroleum, gold and copper deposits in Queensland continues to rise despite COVID and a drop in coal and petroleum prices, Queensland Exploration Council (QEC) Chair, Kim Wainwright, has said.
According to the QEC’s 10
th annual exploration scorecard, launched online 10 December 2020, council members invested more than AUS$640 million in the sector in 2019 – 2020, with more than half expecting to increase or maintain activity or expenditure in Queensland over the next 12 months.
Wainwright said the figures reveal growing industry optimism in the state’s exploration industry.
“Prices for base and precious metals have recovered well since the onset of COVID in March, gold is trading at historically high prices despite a mid-year price slide and copper has remained stable throughout the pandemic,” Wainwright added.