The Queensland Government has announced that the latest round of its Collaborative Exploration Initiative (CEI) will provide up to $300,000 in funding to 18 projects across Queensland.
The Queensland Government said that the $4.6 million funding in the CEI’s latest round will allow Queensland companies to dig, drill, sample and survey for new critical mineral deposits right across Queensland, including near Chillagoe, Cloncurry, Mount Isa and Townsville.
Funding has been given to projects prioritising the discovery of critical minerals which are needed to help make solar panels, turbines, batteries and other technologies required for decarbonisation.
The Queensland Government said that nearly three quarters of all successful projects are involved in the discovery of new copper deposits.
The Queensland Government committed $22.6 million over five years to the CEI program under the Queensland Resources Industry Development Plan to support Queensland’s exploration companies fast-track our state’s critical mineral discoveries.
The State Government said that the CEI program compliments the Queensland Critical Minerals Strategy which oversees $245 million in investment to transform the state, national and global economy through the responsible use of Queensland’s critical minerals.
The CEI also builds on the Queensland Government’s $5 billion Copperstring 2032 project which is aimed at helping unlock potentially $500 billion of critical mineral projects in the North West Minerals Province.
Program data will be made public to help encourage more critical mineral discoveries in Queensland.
Queensland Resources and Critical Minerals Minister, Scott Stewart, said, “Queensland companies are on the hunt for minerals that will power tomorrow’s world.”
“This funding provides a financial safety net for explorers to take on projects in the hope that it will lead to important discoveries.
“We want Queensland to mine, process and manufacture those new economy minerals to create jobs and produce royalties that will fund Queensland schools, hospitals and roads.
“You can’t have renewable energy without a resources sector and you can’t have a healthy resources sector without exploration.”
Mr Stewart said that by facilitating these exploratory projects, the Queensland Government is not only laying the groundwork for economic prosperity but also reinforcing Queensland’s position as a key player in the global resources market.
“It’s this government that is backing the resources industry through programs like this as well as the establishment of the Critical Minerals Queensland office in Townsville.”
True North Copper’s Managing Director, Marty Costello, said, “The Vero Deposit at Mt Oxide is our next mine.”
“This is a pivotal moment for True North Copper as we aggressively explore the Mt Oxide Project.
“The Collaborate Exploration Initiative facilitates Queensland companies like True North Copper to harness cutting-edge science to achieve real-world 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.”
