Coal-rich Queensland earns about one-quarter of the country’s minerals and energy wealth but is punching well below its weight in minerals exploration, accounting for just 16% of exploration expenditure in Australia, Queensland Resources Council chief executive Michael Roche said today.
Roche also announced a three-day mission to Western Australia to meet with Perth-based mining houses with Queensland business interests and “pinpoint current and potential obstacles to exploration in Queensland”
“In terms of dollars spent on exploration, Queensland is second only to Western Australia nationally, but in terms of expenditure growth, we're bumping along the bottom compared with states such as Victoria and South Australia,” Roche said.
While exploration expenditure in Queensland rose by 26% in the past 12 months, increases in Victoria and South Australia have been in the order of 65%.
“What I want to learn from our Perth-based QRC members and other companies with interests in Queensland is what can be done to make the state a more attractive destination for exploration and business investment,” Roche said.
Roche said the recent announcement that Queensland's minerals and energy industries were now worth more than $25 billion a year to the state's economy had reinforced the QRC's view that attracting more exploration dollars was essential for the long-term prosperity of the sector and the state.