A report from the Queensland Exploration Council found that coal and gas exploration spending grew by 61 per cent and 22 per cent respectively, totalling $460 million.

QEC chair Kim Wainwright said more than half of the group’s members expected to increase or maintain activity or expenditure in Queensland over the next 12 months.

Wainwright said the figures revealed 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,” Ms Wainwright said.

“More than $181 million was also invested in exploration for base metals like copper, zinc and lead and on prospecting for critical minerals such as cobalt, gold, vanadium, lithium and rare earth minerals, some of which are used in batteries and other new technologies and defence systems.”

Wainwright said the $27 million in State Government funding committed to projects such as the Collaborative Exploration Initiative had stimulated innovation and increased activity in locations such as North Queensland and the Wide Bay area.

For the second year in a row, explorers gave the State Government a big tick for the quality of its engagement with industry.

Wainwright said there were some areas the QEC would like to see improvements such as more streamlined application processes and the resolution of some key land access issues.

“However, the scorecard process showed members had experienced no major regulatory barriers to growth over the past 12 months,’’ she said.

“With global demand for critical minerals set to increase, Queensland has a unique opportunity to establish itself as a key region for exploration and investment.’’