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Queensland Invests $4.6 Million in Critical Mineral Discoveries

Queensland Invests $4.6 Million in Critical Mineral Discoveries

In a bid to bolster critical mineral discoveries, Queensland has allocated a substantial $4.6 million in funding across 18 successful projects. These initiatives aim to unearth vital minerals crucial for producing solar panels, turbines, batteries, and other technologies essential for global decarbonisation efforts.

Regional Endeavours: From Chillagoe to Townsville

The funding, part of the Collaborative Exploration Initiative (CEI), will fuel exploration activities spanning various regions, including Chillagoe, Cloncurry, Mount Isa, and Townsville.

The CEI program, spearheaded by the Queensland Government, is geared towards accelerating the discovery of critical minerals, with a particular focus on new copper deposits. Copper, an indispensable resource for clean energy technologies, features prominently in nearly three-quarters of the funded projects.

Government’s Commitment to Exploration

Underpinning this initiative is the Queensland Resources Industry Development Plan, backed by a $22.6 million commitment over five years. This investment underscores the government’s dedication to expediting critical mineral discoveries, thereby fostering economic growth and job creation.

The CEI program aligns seamlessly with the broader Queensland Critical Minerals Strategy, which aims to harness the state’s rich mineral resources responsibly.

A Boost for Queensland’s Economy

Minister for Resources and Critical Minerals, Scott Stewart, highlighted the significance of this funding, emphasising its role in fortifying Queensland’s position in the global resources market.

He underscored the symbiotic relationship between renewable energy and the resources sector, stressing the pivotal role of exploration in sustaining economic prosperity.

Empowering Local Companies

True North Copper’s Managing Director, Marty Costello, echoed this sentiment, expressing enthusiasm about the CEI grant’s potential impact on their exploration efforts.

With the assistance of innovative techniques like MIMDAS, companies like True North Copper are poised to unlock the full potential of projects such as the Vero Deposit at Mt. Oxide.

Through strategic investments and collaborative ventures, Queensland is poised to emerge as a powerhouse in critical mineral production, further solidifying its foothold in the global market.