New exploration report a ‘call to action’

The Queensland Exploration Council is calling for 'a clear and certain pathway to production' in the state after data pointing to a significant decline in the number of resources projects advancing through regulatory pipelines. It came as the Queensland Resources Council (QRC) and its exploration arm, the QEC, today released the 2024 QEC Exploration Scorecard. The peak bodies highlighted data compiled from the Canberra-based Office of the Chief Economist pointing to 'a critical juncture for the Queensland resources sector': In 2013, there were more than 440 million tonnes of coal projects in the pipeline for Queensland. Ten years later in 2023, the pipeline was estimated at 172 million tonnes, which is less than half. In 2013 there were 30 resource projects under the Environmental Impact Statement (EIS) process. Now there are eight. In 2013 there were seven resource projects under the State Development EIS process. Now there are only four. "Queensland's extensive resource base and skilled workforce position us well for future growth, but we must address the policy and regulatory challenges to unlock its potential,” QEC chair Kim Wainwright said. Click HERE to view the full report. "The QEC Scorecard is a call to action for all stakeholders to ensure Queensland remains an attractive destination for exploration investment." QEC Exploration Scorecard working group chair Euan Morton said Queensland had landed on the positive side in two of the 18 categories gauged in the latest scorecard's measurement of sentiment. (See graph below) These were the categories of resource prospectivity and endowment, as well as pre-competitive geoscience data. "The latter took the top spot as the category with the strongest positive sentiment," Mr Morton said. "This points to the sustained investment in pre-competitive geoscience data which has been fully digitised and is available to users for free. "Additionally, the government has expanded co-funded exploration programs beyond minerals to include petroleum. "This is a substantial policy change from recent years and indicates a willingness to collaborate, the shared benefit in exploration data and also support for new petroleum exploration. "However, 16 of the 18 categories showed net negative sentiment in Queensland. "Increased costs and policy uncertainty are the greatest concerns reflecting the challenges explorers facein attracting international capital in a competitive global environment." QRC chief executive officer Janette Hewson said exploration was key to the future success of Queensland’s resources sector. QRC chief executive officer Janette Hewson. "The 14th edition of the QEC Scorecard provides an important barometer of exploration in Queensland and there is a lot to be positive about,” Ms Hewson said. "Queensland has world-leading expertise, data and technology underpinning our sector that can unearth reserves of the coal, gas, metals and critical minerals the world demands. "These are the commodities that are needed to meet current energy and infrastructure needs, and for the technology of the future to reach global decarbonisation targets. "While there is strong positive industry sentiment about the significant potential for explorers, policy uncertainty, regulatory changes and rising costs are impacting investor confidence." Ms Hewson said the industry looked forward to working collaboratively with the new Queensland Government. "QRC is encouraged by government commitments to attract new investment and streamline project approvals, which are both critical to maintaining a strong resources sector in Queensland." You may also like: https://industryqld.com.au/qec-scorecard-revealed-in-brisbane/

New exploration report a ‘call to action’

Industry Queensland

Related News

Dolphins make a splash with coalfields kids

Boost for critical minerals processing plans

The industrial action that helped build a city

Get access to breaking mining news, now.