Queensland companies have secured significant funding totalling $4.6 million earmarked for extensive digging, drilling, sampling, and surveying activities aimed at uncovering new critical mineral deposits across the state.
Under the latest round of the Collaborative Exploration Initiative (CEI), 18 projects spanning regional Queensland, including areas near Chillagoe, Cloncurry, Mount Isa, and Townsville, have been granted financial support of up to $300,000 each.
These projects are strategically focused on unearthing critical minerals crucial for the production of essential components such as solar panels, turbines, batteries, and other technologies pivotal for global decarbonisation efforts.
Of noteworthy significance, nearly three-quarters of the successful projects are dedicated to the exploration of new copper deposits, a vital resource indispensable for various clean energy applications.
Resources and Critical Minerals Minister Scott Stewart emphasised the significance of Queensland companies’ pursuit of minerals vital for future global advancements.
“This funding provides a financial safety net for explorers to take on projects in the hope that it will lead to important discoveries,” he said.
Stewart also underscored the government’s commitment to fostering the mining, processing, and manufacturing of new economy minerals within Queensland, aiming to generate employment opportunities and revenue to support essential public services.
Meanwhile, True North Copper’s Managing Director Marty Costello expressed confidence in the Vero Deposit at Mt Oxide, emphasising its significance as the company’s next mining initiative.
He highlighted the crucial moment for True North Copper as they intensively explore the Mt Oxide Project. Costello praised the Collaborative Exploration Initiative for enabling Queensland companies like True North Copper to leverage advanced scientific techniques for tangible critical minerals exploration outcomes.
“We will use our CEI grant of $300,000 to deploy MIMDAS, a deep seeking geophysical technique, and work towards unlocking our Mt Oxide Project’s full potential,” Costello noted.
The commitment to the CEI program stems from the Queensland Government’s pledge of $22.6 million over five years, as part of the Queensland Resources Industry Development Plan.
This initiative aims to accelerate critical mineral discoveries within the state by supporting exploration companies in expediting their efforts.
Moreover, the CEI program aligns with the Queensland Critical Minerals Strategy, overseeing a substantial $245 million investment aimed at transforming the state’s economy while ensuring responsible utilisation of critical minerals at state, national, and global levels.
Furthermore, these initiatives are bolstered by the government’s $5 billion Copperstring 2032 project, designed to facilitate the development of critical mineral projects within the North West Minerals Province, potentially unlocking investments worth up to $500 billion.
