Queensland resources companies have secured up to $4.6 million from the state government to dig, drill, sample, and survey for new critical mineral deposits across the state.
The funds, issued under the latest Collaborative Exploration Initiative (CEI) round, will provide up to $300,000 to 18 projects across north and far-north Queensland, including near Chillagoe, Cloncurry, Mount Isa, and Townsville.
Copper, cobalt, and critical minerals miner True North Copper (ASX:TNC) has already taken advantage of the state government’s offer, claiming $300,000 to undertake geophysical surveys at its Mt Oxide Project near Mt Isa, as reported by Mining.com.au.
Projects prioritising the discovery of critical minerals, which are needed to manufacture solar panels, turbines, and other technologies required to decarbonise the world, are the most attractive for the Queensland government.
Resources and Critical Minerals Minister Scott Stewart says the funding is a “financial safety net” for explorers to uncover important discoveries.
“You can’t have renewable energy without a resources sector, and you can’t have a healthy resources sector without exploration,” Stewart says.
“By facilitating these exploratory projects, we are not only laying the groundwork for economic prosperity but also reinforcing Queensland’s position as a key player in the global resources market.”
The CEI program compliments Queensland’s Critical Minerals Strategy which oversees $245 million in investment to advance the state, national, and global economy through the use of Queensland’s critical minerals.
It also builds on the Miles Government’s $5 billion Copperstring 2032 project, designed to unlock potentially $500 billion of critical minerals projects in the North West Minerals Province.
Meanwhile, the government has also issued $500,000 to Mackay manufacturer Key Solutions Group through its Manufacturing Hubs Grant Program to purchase and install two Motoman AR1440 series welding robots, power-trac seam finders, and rotary screw compressors.
Key Solutions Group is a pipe welding, repairs, and component manufacturing specialist that is also a service provider to Mackay’s critical mining and agriculture sectors.
The government has also announced it is offering businesses, research bodies, and resource companies the chance to win between $50,000 and $300,000 to advance Queensland’s mining technology.
The Miles Government has committed more than $2.6 million through the Department of State Development and Infrastructure to bolster the mining equipment, technology and services sector (METS), which contributes $7 billion in revenue to the state’s economy.
Projects which offer environment, emissions, and renewable breakthroughs are favoured as part of the initiative.
In a statement last week, Stewart said Mackay’s METS sector is a particular focus for the government, which has already backed the future of its resources industry through its $5.7 million investment in Mackay’s Resources Centre of Excellence.
Applications for METS funding will close on 17 May 2024.
Resource companies with assets in Queensland include bauxite producer Metro Mining (ASX:MMI), which set up its flagship Bauxite Hills Mine 95km north of Weipa on Western Cape York.
Another notable company is silica sands-focused Metallica Minerals (ASX:MLM), which has its flagship Cape Flattery Silica Sand Project only 55km from Cooktown.
Write to Adam Drought at Mining.com.au
Images: Metro Mining
