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Explorers get $4m to look for next generation of 'buried treasure'

Business

The State Government has handed 24 exploration companies almost $4 million to start the hunt for new resources projects.

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The explorers will receive grants of up to $200,000 each in a joint initiative between government and industry, to help drive innovative ways to make new resource discoveries in Queensland.

Mines Minister Dr Anthony Lynham said the explorers would focus on the new economy minerals the world needed for advanced electronics and renewable technologies.

Part of the scope will be exploration in the north west minerals province near Mt Isa, an area long considered to be the next frontier for mining, but too remote for development.

The Government said the companies would be investigating Georgetown and Cairns in the north, west to Emerald, near Karumba and McKinlay in the north west minerals province, the Wide Bay area inland of Bundaberg and down to Cunnamulla in the south-west

“These are genuine regional exploration projects bringing regional jobs, with explorers looking for minerals including copper, cobalt, silver and gold as well as a plethora of rare earth minerals,” Dr Lynham said.

“The resources sector industry has fared better than others throughout the COVID-19 pandemic and these grants will help to future-proof regional economies as the state continues its economic road to recovery.

“Exploration is essential for Queensland to keep up with the soaring global demand for tech minerals and these grants are in place to put Queensland’s industry on the front foot.

“Demand for the next generation of minerals is being driven by new technologies such as electric vehicles and renewable energy products, computers, smartphones and products for the medical, defence and scientific research sectors – and Queensland is the place to get them.”.

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