The Newman Government has awarded sixteen resource companies with $1.5 million in collaborative drilling grants as part of its $30 million Future Resources Program aimed at helping local companies unlock Queensland’s mineral wealth and create new jobs.
Mines Minister Andrew Cripps said the backing of 16 drilling projects demonstrated the Queensland Government’s support of the resource industry in the state.
“More jobs are now being created in Queensland than in any other state and supporting exploration projects will help ensure we continue to lead Australia in job creation,” Mr Cripps said in a media statement.
“I want Queensland to become Australia’s leading state for both exploration investment and jobs growth.”
The sixteen exploration projects, which have been supported under round eight of the Collaborative Drilling Initiative, will focus on discovering gold, copper-gold, zinc-lead-silver, uranium and coal deposits in greenfield and brownfield regions of Queensland.
Mr Cripps said junior explorers in particular would benefit from the collaborative drilling grants, which cover half the drilling costs of a project, up to a maximum of $150,000.
“These drilling projects provide valuable information about the state’s mineral and energy potential and are a key part of our strong plan to build a successful four-pillar economy in Queensland, based on resources, construction, agriculture and tourism,” he said.
More than $5.56 million have been provided to 48 companies to carry out 67 exploration projects since the Collaborative Drilling Initiative started in 2006.
These companies have spent more than $17.3 million on exploratory drilling, with $3.11 of company funding invested for every $1 of government grant contribution.
To date, 39 technical successes have been identified under the Collaborative Drilling Initiative related to the discovery of mineralisation or confirmation of new geological concepts, prompting further drilling in their respective areas.
