Queensland explorers will be assisted to maintain the state’s pipeline of resources projects and jobs through a multi-million-dollar package will support their survival and revival.
The State Government package waives rents, freezes fees, relaxes requirements and makes more land and funds available to stimulate exploration to sustain the state’s explorers.
The package includes:
- a 12-month waiver of rent on exploration land due between 1 April and 1 September
- a freeze on fees and charges until 1 July 2021
- releasing almost 7000 square kilometres of land for gas and mineral exploration later this month
- bringing forward $2.8 million in grant funds for innovative exploration in the North West Minerals Province.
In addition, a total of 108 km2 near Moranbah went to tender for coal exploration from 7 May and a total of 6700 km2 of land will go to tender for gas in central and south-west Queensland on 14 May.
A total of $2.8 million in Collaborative Exploration Initiative grant funds have been brought forward to 2020-21 from a $13.8 million investment package announced late last year.
Explorers can apply for grants of up to $2000,000 from today for new and innovative exploration activities.
For more information visit dnrme.qld.gov.au
Explorers survey highlights concern
A recent survey conducted by the Association of Mining and Exploration Companies (AMEC) of its exploration companies and the impact of COVID-19, has the association extremely concerned for the industry.
“While the health, safety and wellbeing of Australians must remain the focus through COVID-19, mineral exploration companies are really doing it tough,” said Warren Pearce Chief Executive of AMEC.
“Since COVID-19 restrictions were imposed a month ago, nearly half of the companies surveyed had ceased all exploration operations, and over a quarter more had ceased most exploration operations.
“This at a time, two years into the exploration cycle, when new discoveries are being made and when the next year of mineral exploration could well kickstart the next mining boom and help recharge Australia’s damaged economy.
“While partially exempt from travel restrictions, for which we are fortunate, we are not immune from other impacts of COVID-19 which has all but killed investment appetite, meaning that companies are unable to attract private investment to fund ongoing exploration.”
The survey of 63 exploration companies found that nearly half reported having already laid off staff or expecting to be forced to in the next six months. 75 percent of companies had already reduced wages or adjusted salaries down for their employees or offered shares in lieu of salary.
74 percent of companies think that their cash reserves would not last the year and 69% did not believe it would be possible to capital raise in the next six months.
Tasmania to keep minerals sector growing
The Tasmanian State Government is delivering a key initiative to help the mining sector emerge from the current economic downturn is the Exploration Drilling Grant Initiative.
It aims to help to create a pipeline of potential mining revenue and royalties into the future.
Round 4 of the initiative is now open to assist current, new and emerging mineral explorers expand operations in Tasmania, and build on an industry worth more than $2.8 billion a year.
Under Round 4, grants of up to $50,000 for direct drilling costs and $20,000 for helicopter support, if required, are now available to pinpoint new and untapped mineral targets.
Applicants have until May 29, 2020 to prepare and submit their detailed proposals, including geological plans and supporting scientific evidence, to Mineral Resources Tasmania.
Since it commenced, the EDGI program has contributed toward a 70 per cent increase in green-fields exploration from $1.5 million in 2017/18 to $2.6 million in 2018/19.
The results from EDGI Round 1 projects are also now available from the MRT website.
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