Queensland Draws $1 Billion Mining Investments
Queensland has attracted a record worth of $1.126 billion in resource exploration investment for Australia, Mining Minister Stirling Hinchliffe announced in a major mining conference in Brisbane Wednesday.
Latest figures from the Australian Bureau of Statistics showed the $1.126 billion invested in mineral and petroleum exploration expenditure in Queensland during the 12 months to 30 June 2011 included $463.1 million for petroleum and gas exploration, $456.4 million for coal, and $207.1 million for mineral exploration.
The latest amount represented a 23 per cent jump over the $917.1 million in exploration investment a year ago, Mr Hinchliffe said.
With the $1.126-billion investment, Queensland now accounts for 17.9 per cent of total Australian mineral and petroleum exploration expenditure, 61.2 per cent of total Australian onshore petroleum and gas exploration expenditure, 22.4 per cent of Australian mineral exploration expenditure, and, 25.6 per cent of Australian 'brownfield' and 16.6 per cent of 'greenfield' mineral expenditure.
Mr Hinchliffe said Queensland's 'greenfield' mineral expenditure of $172.3 million for the 12 months to 30 June 2011 showed a gigantic 70 per cent increase over the $99.2 million a year ago.
"It's an outstanding performance and it underpins Queensland's international reputation as an attractive exploration investment destination. It sends a clear message to investors that we are well and truly open for business," Hinchliffe said.
Under Labor's programs, exploration investment in Queensland skyrocketed from $244 million in 2004 to $917.1 million in 2009-10.
"Queensland's $1-billion performance clearly shows the exploration industry recognises our potential for further mineral and energy discoveries. And it means the Bligh Government's investment in the $18-million Greenfields 2020 to stimulate exploration in underexplored and frontier regions is money well-spent," Mr Hinchliffe said.