The Queensland Resources Council’s (QRC) 2023 exploration scorecard has highlighted the state’s strong endowments and government investment.
The scorecard tallies exploration metrics for the 2022–2023 financial year, focusing on the state’s resource potential, commodity pricing, industry confidence and policy and regulation stability.
Queensland scored top marks for its resource prospectivity yet again, as well as another strong year for coal prices.
The scorecard’s thermal coal benchmark achieved a record average price of US$304, rising a further 23 per cent on the previous year.
The state scored highly for its investment from the Queensland Government in funding and activities following its $245 million critical minerals strategy, as well as boosted investment across the board.
Increased mineral exploration in Queensland continues to expand and saw the state score highly, with a focus on the north-west and north-east region.
In 2022–23 Queensland’s mineral exploration expenditure, including coal, was $570 million, increasing 13 per cent from the previous financial year.
A highlight from the review was the S&P/ASX all ordinaries increasing three per cent, with the Deloitte Queensland index increasing by two per cent, and the Deloitte Queensland exploration and resources index increasing by five per cent across the financial year.
The QEC explorers’ index increased by 15.7 per cent over the year, showing a hunger for mineral production in the state.
While the scorecard showed a strong year for Queensland, it also bore a warning for the future of mining in the state.
Decreased confidence in the sector ramped up across the year, with the QRC said calling for collaboration between the industry and governments now more than ever.
“Despite challenges, there is optimism in increased mineral exploration, propelled by initiatives like the Queensland critical mineral strategy,” QEC explorations scorecard chair Euan Morton said.
“The resilience of the exploration industry shines through, promising a future of progress and prosperity. Let’s journey forward, united in our pursuit of a thriving exploration sector in Queensland.”
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