Queensland Resources Council CEO Michael Roche said the fundamentals of exploration in Queensland were irresistible.

“It’s no secret that the short-term outlook for commodities is weak but it is a common malaise, and not a point to structural decline,” Roche said.

“Queensland has largely untapped mineral and energy reserves; and despite the current downturn, long-term growth in global demand for resources is assured.”

The International Energy Agency in its annual World Energy Outlook Report confirmed forecasts for strong growth for export opportunities for our thermal coal, coking coal, gas and uranium.

Roche said while Queensland cannot hope to influence international commodity prices, it can be masters of its own destiny through the policies and regulatory environment for exploration.

“Queensland’s resources sector remains the key pillar of the state’s economy providing one in every $5 and one in every six jobs,” Roche said.

“The sector is in pole position to supply the strong demand for resources over the coming decades.

“So long as we remain globally competitive and attractive to investors, Queensland will continue to play a critical role in the energy mix.”