The new Greenfields 2020 program replaces the four-year $49 million Smart Mining and Smart Exploration programs.

Treasurer Andrew Fraser said mining was the backbone of the Queensland economy and he was confident of its future growth.

“This is an investment in the exploration of new minesites, which will mean more jobs and more investment for regional Queensland,” he said.

“Mines have finite life spans and we face the challenge of unearthing new mineral and energy deposits that will deliver new projects to replace existing mines as they close.”

Fraser said the previous programs saw exploration expenditure increase from $244 million in 2004 to a record $751 million in 2009 and the new program would build on the success.

However, the Queensland Resources Council has expressed disappointment over the smaller investment in exploration.

“Clearly QRC would have preferred new funding more like the $29 million Smart Mining program established in 2006, which concludes on June 30,” QRC chief executive Michael Roche said.

“We recognise that the Queensland budget position is tight and that perhaps the $18 million commitment was as much as could be afforded right now.

“However, the acknowledged success of the previous Smart Mining and Smart Exploration programs in aiding new discoveries should provide sufficient encouragement to top up this new funding commitment as budget circumstances improve.”