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Co-funded drilling is good news for regional Queensland

“Today’s announcement by Minister Lynham of over $600,000 for collaborative drilling projects in the north west demonstrates much needed support for Queensland’s mining and mineral exploration sector,” said Simon Bennison, Chief Executive Officer, Association of Mining and Exploration Companies (AMEC)
 
“The co-funded drilling scheme helps companies take on the risk of exploring for minerals in the greenfields parts of Queensland.”
 
“The support for seven mineral companies’ drilling projects for copper, lead, zinc, silver and gold will have a broader impact on the community.”
 
“Independent research in relation to the Western Australian scheme has highlighted the value of exploration incentive schemes, with the effect of $1 million invested leading to a cumulative increase of exploration expenditure of $19.8million.”
 
“The evaluation of the South Australian PACE initiative (Plan for Accelerating Exploration) between 2004 and 2013 has shown that an investment in precompetitive geoscientific data and collaborative programs such as this can provide returns on investment over 20:1.”
 
“The investment made in co-funded drilling schemes by the Queensland Government shares the cost of drilling, and makes it easier for companies exploring greenfields areas to decide to drill and discover the mines of tomorrow.”
 
“Each new mine creates thousands of jobs and generates significant economic and social dividends for the State and regional communities.” 
 
“The mines of tomorrow have to be discovered to replace the existing producing mines.”
 
“AMEC is calling on the Queensland Government to continue funding the successful co-funded drilling initiative in the upcoming budget to support mineral exploration companies discover the mines of tomorrow.” said Mr Bennison.

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