Queensland coal reserves revised upwards as resources exploration gets a boost

THE Queensland Resources Council (QRC) has welcomed the Palaszczuk Government’s decision to award tenders for the exploration of coal in the Bowen and Surat basins and minerals in the North West Province.

QRC chief executive Ian Macfarlane said the announcement by Mines Minister Dr Anthony Lynham showed the strength of the resources sector, and the opportunities that are literally at Queenslanders' feet, including through a new higher estimate of the extent of Queensland’s coal reserves.

“The Queensland resources sector powers our economy. It adds $62.9 billion to the Queensland economy, supports more than 316,000 jobs across the state, and directly pays $5.2 billion this year in royalty taxes to the State Government. Those royalty taxes build roads, schools and hospitals and pay the wages of nurses, teachers and police,” Mr Macfarlane said.

“Queensland has always been a resources powerhouse, but there is no room for complacency.  It’s essential that we continue to encourage new exploration which will lead to the next round of investments. Our jobs of the future depend upon it.

“Our annual QEC Exploration Scorecard in 2018 found coal exploration had increased for the first time since 2011-12, going up by 27 percent and mineral exploration expenditure rose 35 percent, and petroleum exploration expenditure was up by 5 percent.

“The most fundamental part of our future resources strength is investment in new prospects and by responsibly developing our resources we’ll give all Queenslanders access to the opportunities of working in the our great sector.

“Only stable and predictable policy will ensure investment in exploration leads to new investment, new jobs and new exports for Queensland.”

The State Government said junior explorer Red Metal Limited will explore for zinc, lead, copper and silver deposits across 400 square kilometres of land located 250km north of Mount Isa. And four companies – Denham Coal (a wholly owned subsidiary of Pioneer Coal), Queensland Coal Investments Pty Ltd, Enex Togara Pty Limited and Wandoan Holdings Pty Limited will soon be able to commence exploratory work over 369 square kilometres of land in the Bowen and Surat basins. These areas are located near Moranbah, west of Mackay,  Blackwater west of Rockhampton and Taroom, west of Maryborough close to existing mines or mining leases.

Separately, a new geological report found Queensland’s untapped coal deposits were almost double than was last reported with 63 billion tonnes of raw coal which is an increase of close to 29 billion from the previous estimate. 

“Our cities and our regions have been built by the resources sector, and there’s still so much potential,” Mr Macfarlane said.

“Despite activists claiming Queensland is running out of coal the facts prove the opposite with tens of billions of tonnes of coal in reserve including more than 14 billion of coking coal which is used to make steel needed for building the world’s infrastructure.

“We must ensure that Queensland has consistent, transparent and stable regulations that give all projects a fair go, in order to turn our enormous potential into a reality.”

ww.qrc.org.au

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