Exploration stakes upped by $10 million to find new economy minerals
A $10 million-plus State Government booster pack will supercharge exploration for new economy minerals to drive future mine projects.
The $10 million in exploration grants would speed the development of new mines to take advantage of high domestic and international demand in the growing ‘green economy’.
Queensland is rich in the minerals needed to manufacture computers and smartphones, the renewable energy components needed to power them and the batteries needed to store the power.
Currently China and the Congo dominate the global market in new economy minerals, which include traditional minerals like copper zinc and nickel, as well non-traditional like cobalt, rare earths and vanadium.
The COVID-19 pandemic has further accelerated the demand for new economy minerals with the increased use of digital communication technology.
Queensland already has some projects in the pipeline – Australian Mines’ Sconi project, a cobalt-nickel-scandium mine near Townsville, Aeon Metals Walford Creek base metals project 350km north-west of Mount Isa and Tungsten Mining’s Watershed project near Mount Carbine in Far North Queensland.
The $10 million will be made available as exploration grants of up to $200,000 over four years. It comes on top of $2.8 million in exploration grants brought forward in the $13.8 million New Economy Minerals Initiative.
Last updated 16 June 2020