New ground released to unlock next wave of resource projects

The Palaszczuk Government has earmarked more than 44,000 square kilometres of land for exploration to unlock the next round of resource projects.

Speaking from the Energy, Mines and Money Conference in Brisbane today, Minister for Natural Resources, Mines and Energy Dr Anthony Lynham said it was the largest amount of land released under the State’s exploration program and showed the government’s commitment to creating a stronger economy by encouraging private sector investment and the jobs that follow.

“Queensland’s resources industry is currently worth close to $60 billion and this land release supports the building of the next pipeline of resource projects,” Dr Lynham said.

“It is no coincidence that investors from all over the globe are in Brisbane this week as they want to be part of the booming Queensland resource industry.

“These investors collectively have more than $750 trillion in funds under management and a diverse range of mines and energy companies are here with a market cap of more than $220 billion.

“This vote of confidence from international investors further demonstrates the Palaszczuk Government has established the right policy settings and investment climate to further bolster the $441 million already being invested in exploration in Queensland.

Dr Lynham said today the Palaszczuk Government was offering 43,250 km² for investors looking to invest in petroleum and gas exploration.

“This is made up of 29 areas which is more than double the previous release to help ensure future energy security as we transition to a renewable energy future,” Dr Lynham said.

“For coal explorers we are releasing 10 areas covering 1140 km² of land in the Bowen and Eromanga basins.

“Nine of these areas are in the Bowen Basin, which contains almost all of the state’s metallurgical coal reserves.

“Metallurgical coal is critical to building our renewables future as it is one of the key elements for making the materials for our wind turbines, solar farms and electric cars.

“This is land which has proven reserves and is supported by existing pipeline and transport infrastructure.

“Looking forward there is high level of confidence in the Queensland resources sector with 13 projects committed at a combined capital value exceeding $9.4 billion, across multiple commodities (metalliferous, coal, and gas).

“A further 42 projects are at the feasibility stage, with a combined capital value exceeding $61 billion, across multiple commodities,” Dr Lynham said.