Queensland’s exploration sector continues to grow with more than $675 million invested in 2020, new ABS data has revealed.
The ABS data showed growth in exploration investment across coal, gas and mineral sectors.
More than $267 million was invested in petroleum and gas exploration, which is up 31 per cent on 2019. Additionally, more than $407 million was spent in exploration for minerals and coal, which is up 15 per cent.
Gold received one of the largest boosts in exploration investment – up 30 per cent on 2019 with $91 million invested, while copper was up 11.5 per cent at $73 million.
Coal exploration was up 19 per cent on the previous year with $209 million, while expenditure on exploration for silver, lead and zinc was up 8 per cent to $7.9 million invested in 2020.
Queensland’s Resources Minister, the Hon. Scott Stewart said the investment is driving the economy during the recovery from the COVID-19 global pandemic and he hopes to see investment continue its upward trend in 2021 and beyond.
“In the latest budget, our government has invested more than $29 million in exploration grants, initiatives and COVID-19 support for explorers and miners over the next few years,” Minister Stewart said.
“Our budget boost for exploration will help drive future resource projects in our state and the thousands of jobs that will flow from them.”
Queensland’s resources sector supports more than 68,000 jobs across the state and represents $49 billion in exports.
