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Queensland Resources Council chief executive Ian Macfarlane . Picture: John Gass
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Subscriber only The Queensland Resources Council has welcomed an announcement of a $100m, four-year renewal of its Junior Minerals Exploration Incentive. QRC chief executive Ian Macfarlane said the federal government s move would help Queensland explorers bring new technology like remote sensing, machine learning and bio-indicators to the field. The program will give eligible exploration companies access to tax incentives to attract new investors into the sector and potentially benefit 500-plus mineral exploration companies currently operating across Queensland, Mr Macfarlane said. He said about 70 per cent of exploration companies in Queensland have a market capitalisation value of less than $500m, meaning they re eligible to apply for tax incentives under the renewed JMEI program.
The successful implementation of a bold new industry development plan for Queensland’s
$82.6 billion resources sector will provide decades of jobs for Queenslanders, the Queensland Resources Council (QRC) said today.
QRC Chief Executive Ian Macfarlane said today’s launch of a Queensland Resources Industry Development Plan (QRIDP) by Resources Minister Scott Stewart was a crucial step towards building the state’s global reputation as a low-emissions energy superpower.
“The State Government is delivering on its pre-election commitment to work with the QRC and other stakeholders to develop a plan that maximises the benefits and addresses the challenges facing resources companies and resources communities at a critical time in world history,” he said.
Chase Mining higher as drilling starts at Gipsy Creek Copper Gold Project in northwest Queensland
Gipsy Creek Project contains a major conductivity anomaly defined by a magneto-tellurics survey completed in 2017 by the Queensland Government. Drilling is expected to take about three weeks to complete.
Chase Mining Corporation Ltd (ASX:CML) is trading higher as it welcomes the start of drilling by Red Fox Resources Pty Ltd at the Gipsy Creek Copper-Gold Project in the Cloncurry district of northwest Queensland.
Shares have jumped more than 26% to 2.4 cents on the news from Gipsy Creek, which is 100%-owned by Red Fox with Chase holding 40% of that private company.
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Central Queensland mineral explorers can apply for a share in $2.5 million to find the minerals needed to meet the demands of the world’s technology and renewable sectors.
Explorers have the chance to apply for grants of up to $200,000 under the joint government-industry Collaborative Exploration Initiative to help drive innovation to make new discoveries and economic growth across the state.
Member for Mackay Julieanne Gilbert said the exploration and resources sector was important in helping drive the city’s economy forward.
“Mackay, particularly Paget plays a major role in servicing the resources sector,” she said.
“The Collaborative Exploration Initiative will help the industry grow now and into the future which is important for Mackay’s economic recovery.”