QRC welcomes investment in critical minerals projects

THE Queensland Resources Council (QRC) has welcomed the Australian Government’s commitment to prioritise critical minerals projects in its latest round of Cooperative Research Centre Project (CRC-P) funding.

QRC chief executive Ian Macfarlane said the investment of up to $20 million for critical minerals projects would help encourage new exploration, which is essential to secure the resources jobs of the future.

“Queensland is one of Australia’s heavy hitters when it comes to resources investment. As a result, our sector supports more than 316,000 jobs and creates $62.9 billion in value to the state’s economy,” Mr Macfarlane said.

“Our commodities of coal, LNG, bauxite and zinc are in demand in major international markets and as a result the resources sector is on track to deliver a record $5.2 billion to the Queensland budget in royalty taxes this year.

“Those commodities will continue to underwrite our economy for decades into the future.  But Queensland’s potential is made all the richer through our new prospects for exploration in critical minerals including rare earths, scandium and tin.

“Exploring new areas, as well as the development of the North West Minerals Province, will create a new wave of economic opportunities for Queensland.

“This CRC-P funding should encourage more exploration and development in projects that deliver on our state’s potential.

“The most recent Queensland Exploration Council (QEC) Scorecard found the highest level of sentiment in the industry since the Scorecard began in 2011.

“This is good news for all Queenslanders, including in our regions.

“We can’t take our success for granted. The resources industry will continue to work with all levels of Government to deliver the policy and regulatory certainty that is essential for investor confidence and to translate potential into projects.

“A strong resources sector means a strong and prosperous Queensland.”

www.qrc.org.au

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