Queensland attracts record $1 billion mining exploration investment
Employment, Skills and Mining
The Honourable Stirling Hinchliffe
Wednesday, October 26, 2011
Mining Minister Stirling Hinchliffe has told a major mining conference in Brisbane today that
Queensland has attracted a record $1.126 billion in resource exploration investment.
"It's an outstanding performance and it underpins Queensland's international reputation as
an attractive exploration investment destination," Mr Hinchliffe said. "The Bligh Government
is on track to meet its election commitment to make Queensland the 'greenfield' exploration
capital of Australia by 2020."
"It's a great result for Queensland and it sends a clear message to investors that we are well
and truly open for business," he said.
Mr Hinchliffe said the result highlights the ongoing value of Bligh Government initiatives such
the $18 million Greenfield 2020 program to stimulate exploration
growth in Queensland."
The latest Australian Bureau of Statistics figures show $1.126 billion was invested in mineral and
petroleum exploration expenditure in Queensland during the
12 months to 30 June 2011.
"This includes $463.1 million for petroleum and gas exploration, $456.4 million for coal, and $207.1
million for mineral exploration, Mr Hinchliffe said.
"The figures represent a 23 per cent increase over the $917.1 million in exploration investment of
the previous year.
"Our expenditure is more than the combined exploration expenditure in South Australia, Northern
Territory, New South Wales, Victoria and Tasmania over the same period."
The record $1.126 billion performance means Queensland now accounts for:
- 17.9% of total Australian mineral and petroleum exploration expenditure.
- 61.2% of total Australian onshore petroleum and gas exploration expenditure.
- 22.4% of Australian mineral exploration expenditure
- 25.6% of Australian 'brownfield' and 16.6% of 'greenfield' mineral expenditure.
Queensland's 'greenfield' mineral expenditure of $172.3 million for the 12 months to 30 June 2011 is a
whopping 70% increase over the $99.2 million attracted the previous year.
Mr Hinchliffe said the Bligh Government went to the last election with a commitment to make Queensland
Australia's 'greenfield' exploration capital by 2020.
"We recognise the importance of strong mining and energy resource sectors to the ongoing economic
prosperity of Queensland.
"They are the lifeblood of many regional communities, delivering jobs for many thousands of Queenslanders
and generating the energy that powers our homes and industry.
"Exploration today is vital to unlock the resources that will drive the new mines and jobs of tomorrow."
Queensland's $1 billion performance clearly shows the exploration industry recognises our potential
for further mineral and energy discoveries.
"And it means the Bligh Government's investment in the $18 million Greenfields 2020 to stimulate
exploration in under-explored and frontier regions is money well-spent."
Under Labor's programs, exploration investment in Queensland soared from $244 million in 2004 to
$917.1 million in 2009-10.