$4.6m funding to drive Queensland critical mineral discoveries

Mineral exploration companies have been given a boost with a $4.6m funding boost.
Mineral exploration companies have been given a boost with a $4.6m funding boost.

Queensland companies will be able to dig, drill, sample and survey for new critical mineral deposits following a $4.6m boost.

Funding has been given to projects prioritising the discovery of critical minerals which are needed to make solar panels, turbines, batteries and other technologies the world needs to decarbonise.

The latest round of the Collaborative Exploration Initiative (CEI) provides funding of up to $300k to 18 projects across regional Queensland including near Chillagoe, Townsville, Mount Isa and Cloncurry.

The CEI program complements the Queensland critical minerals strategy which oversees $245m in investment to transform the state, national and global economy through the responsible use of Queensland’s critical minerals.

It also builds on the $5b CopperString 2032 project which will help unlock potentially $500b of critical mineral projects in the north west minerals province.

Queensland Resources and Critical Minerals Minister Scott Stewart commented on the funding.

“Queensland companies are on the hunt for minerals that will power tomorrow’s world,” he said.

“This funding provides a financial safety net for explorers to take on projects in the hope that it will lead to important discoveries.

“By facilitating these exploratory projects, we are not only laying the groundwork for economic prosperity but also reinforcing Queensland’s position as a key player in the global resources market.”

Funding is provided under the Queensland Resources Industry Development Plan with $22.6m available until June 2027.