04 September 2017
The Queensland Exploration Council (QEC) has welcomed the decision by the Federal Government to incentivise new investment in exploration through the Junior Mineral Exploration Tax Credit scheme (JMETC).
Totalling $100 million, the scheme will allow tax losses in greenfield exploration companies to be allotted as a credit to Australian resident shareholders over the next four years.
QEC Chair Brad John said while Queensland had a rich history of exploration there was still a lot more potential for future discoveries.
“There may be a perception that Queensland is a mature exploration destination but that can’t be further from the truth and I’m pleased to say this initiative will help junior explorers to find untapped resources in Queensland,” Mr John said.
“The BDO’s Explorer Quarterly Cash Update in July showed improvements in sentiment for the June 2017 quarter with increases in the average estimated cash outflows of explorers. The update also pointed to an increased number of capital raisings for small juniors which is leading to a more positive cash position in the March 2017 quarter.
“It’s encouraging to see both the federal and state governments supporting the exploration industry after the Queensland Government’s release of the North-West Minerals Province blueprint to entice both domestic and overseas investment in July.
“The Association of Mining and Exploration Companies (AMEC) and particularly outgoing chief Simon Bennison are to be congratulated for all their efforts in advocating for this initiative,” Mr John said.
The JMETC replaces the Exploration Development Incentive (EDI) which finished earlier this year.
15 August 2017
The Queensland Exploration Council (QEC) is pleased to see a new pool of funds to encourage companies to explore in the North West Minerals Province.
The Queensland Government’s $3.6 million Collaborative Exploration Incentive (CEI) would attract new investment to under-explored and more challenging areas of north-west Queensland, while testing innovative approaches to existing methods.
QEC Chairman Brad John said the incentive is more good news off the back of the government’s announcement last month of the Strategic Blueprint for Queensland’s North West Minerals Province.
“The government is to be congratulated for building on their previous, highly successful Collaborative Drilling Initiative and broadening its scope with the CEI, to include non-drilling activities such as geophysics, geochemistry and other surveys”, Mr John said.
“This funding is just the motivation our exploration companies need right now, to get going ahead of the new cycle.
“Not only will it encourage exploration in these promising parts of our state, it will attract further investment, create jobs and benefit the wider Queensland economy.”
The QEC encourages its member companies and those in the wider exploration community to take full advantage of the state government’s latest incentive to discovering new mineral deposits in north-west Queensland.
Applications for CEI Round 1 close on 29 September 2017.
For further information and to apply, click here.
19 July 2017
After seven years as the Chair of the Queensland Exploration Council (QEC), Dr Geoff Dickie PM passed the leadership baton to new Chair Brad John PM.
Queensland Resources Council (QRC) Chief Executive Ian Macfarlane said Geoff steered the organisation through some challenging times, demonstrating strength of character and unwavering dedication.
“On behalf of the resources industry I would like to thank Geoff for his outstanding leadership across the Queensland exploration industry,” Mr Macfarlane said.
“Geoff was never afraid to roll up his sleeves and get stuck in and despite the cyclical ups and downs he ensured the industry attracted investment and found new gas and minerals for development.
“He never hesitated in providing his extensive industry knowledge and his foresight was valued by both sides of government during the reviews of the Land Access Regime and Fly-In-Fly-Out.
“As foundation Chair of the QEC his knowledge and interest in the Native Title processes was unparalleled, Geoff was always committed to the regions in which the industry operated.”
Mr Macfarlane said the appointment of Brad John as the new Chair of the QEC brought 47 years of resources and exploration experience.
“As Chief Government Geologist, Brad received a Public Service Medal for his work facilitating and promoting exploration and resource investment in Queensland with all levels of government,” Mr Macfarlane said.
“I’m delighted that we’ve been able to identify the best candidate for this role as the Council moves into its next phase of growth and development.
“The good news for QEC members is that Geoff will remain on the management committee and while he may not be at the helm, he has agreed to stay on the bridge.”
Stephen Kelemen and Darren Walker have been appointed as Deputy Chairs to the QEC. Darren brings 20 years of experience from the coal, metals and the petroleum sector while Stephen has 38 years of broad petroleum industry experience.
05 June 2017
The Queensland Exploration Council (QEC) is disappointed that there is no future funding allocated in the Commonwealth Budget for the Exploration Development Incentive (EDI).
The EDI has operated since 2014-15 and encouraged shareholder investment in small exploration companies undertaking greenfield mineral exploration. A government review into the effectiveness of the EDI has been conducted over the past year but the final report has not yet been delivered. The government appears to have withdrawn funding before adequately considering the findings of the review.
A number of QEC member organisations have utilised the EDI since the scheme was introduced in 2014-15. The incentive was modelled around elements of a similar scheme that operates in Canada. Such a scheme requires a longer term commitment from government to maximise the value to the exploration industry. The flow-through share scheme in Canada has been operating for about 40 years and the Canadian Government has recently extended the scheme. In addition, many Canadian provinces provide additional incentives for individuals to invest in exploration projects.
Exploration is the lifeblood of the minerals industry, and funding has been scarce during the recent mining industry downturn. Removing future funding for the EDI will lessen Australia’s attractiveness from an exploration investment standpoint, particularly compared to the likes of Canada.
17 March 2017
There was a good roll up for the March QEC/McCullough Robertson Explorer Investor Forum where Simon Finnis gave an up-to-the minute update on Metro Mining’s Bauxite Hills project.
And Executive Chairman & CEO of Moreton Resources Jason Elks outlined the company’s bid to turn part of its major South Burnett asset near Coolabunia into a working coal mine.
Click here for the presentations.
Click here for a photo gallery
21 February 2017
About 100 people attended QEC’s 2017 Technical Forum, and enjoyed an outstanding lineup of speakers. The theme of Technologies for Future Minerals and Energy proved of great interest with new mineral and energy deposits becoming harder to find under deeper cover. An animated Minister for Natural Resources and Mines gave a rousing introduction and much encouragement to Queensland’s exploration community, with his passionate support for the sector.
For a picture gallery of the event, click here.
Click here for papers from the event.
12 December 2016
Queensland fourth in world for mineral riches
Queensland has jumped up the global ladder as the fourth best jurisdiction in the world for our mineral potential and the 10th best jurisdiction as an investment destination.
Queensland’s geological assets are globally well known, with one of the richest and diverse mineral provinces in the world, some of the best quality coal in the world, and home to the world’s first coal-seam gas to liquefied natural gas operations.
Click here for the full media release.
206 Queensland Exploration Scorecard Out
The 2016 QEC Exploration Scorecard has been launched by the Minister for Natural Resources and Mines Dr Anthony Lynham.
Click the headline to download your copy
Click here for the media release
Click here for image gallery from the event
11 November 2016
Entrepreneurship in the Australian Mining Industry: Pull the Plug or take the plunge. Click the headline to read the outcome of research by the University of Queensland’s study, which was supported by QEC, The Australian Government’s Australian Research Council and the Queensland Resources Council.
03 November 2016
Queensland’s resources sector still provides one in every $5 of the state’s economy and one in every seven jobs. Continue reading for all the details of the Queensland Resources Council’s latest economic contribution data.
13 October 2016
Thank you to everyone who attended the 2016 QEC Capital Raising Seminar.
The seminar was hosted by QEC Gold Sponsor and event platinum sponsor EY, along with McCullough Robertson and the Queensland Government.
The program included highly-regarded analysts, trade commissioners, industry professionals and explorers, who shared their valuable experience and knowledge with explorers.