7 minute read
Exploration opportunities: QEC calls for collaboration and investment
from BBMC Yearbook 2023
by bbminingclub
Exploration opportunities: A call for collaboration and investment in Queensland, plus QEC's cutting-edge initiatives for 2024
Kim Wainwright, Chair, Queensland Exploration Council
In the heart of the Queensland Resources Council (QRC) and its exploration arm, the Queensland Exploration Council (QEC), lies a commitment to providing valuable insights into Queensland's exploration sector. The recently released 13th annual QEC Exploration Scorecard serves as a beacon, illuminating the challenges and opportunities that shape the future of our vibrant resources sector.
The powerhouse of Queensland's economy
Undoubtedly, the Queensland resources sector is the backbone of our state's economy, generating jobs
and driving growth. The Bowen Basin, with its awe-inspiring coal mines, showcases the scale and sophistication of our resources industry. Yet, our sector extends beyond coal, embracing gas projects and mineral mines in the north, all globally renowned.
At the heart of this prosperity lies the exploration sector, the catalyst for world-class mines and energy projects. The QEC Exploration Scorecard, now in its 13th year, stands as a testament to the sector's vitality. It offers crucial insights, urging industry and policymakers not to overlook the sentiment that underpins our exploration efforts.
Navigating challenges with optimism
This year's Scorecard resonates with a clear message: perception shapes reality.
Despite a current of negative sentiment among explorers, there is a silver lining of optimism and resilience. The exploration sector, facing challenges from policy interventions, environmental regulations, and uncertainty, stands poised for a positive future if governments get the policy settings right and keep Queensland competitive.
As we navigate the concerns highlighted in the Scorecard, it is essential to recognise that the Queensland resources sector is a world leader. Our rich natural resources and skilled workforce position us as a global player. However, the current sentiment underscores the need to address policy settings and collaborate to ensure a competitive edge.
The exploration industry's robustness relies on sentiment among explorers. A positive and competitive policy environment is crucial for attracting investment.
The QEC, alongside QRC, is ready to engage with both the Queensland and Commonwealth Governments to shape a positive future for our state.
Exploration Scorecard: A journey of evolution
Thirteen years ago, the concept of a scorecard measuring exploration success was revolutionary. It coincided with the era of physically pegged tenures, with exploration applications lodged in unimpressive pine boxes. Today, we stand at the forefront of a new era, with Queensland boasting a world-class Open Data Portal and innovative tools like AI systems contributing to exploration success.
Despite the technological leaps, the essence of exploration remains in our core skills. The Scorecard recognises the volatile nature of sentiment, where optimism fuels investment and drives geological discovery. It is a dynamic journey, evolving from groundbreaking to an essential tool in understanding Queensland's exploration landscape.
Addressing sentiment: A call for a new partnership
While the Scorecard highlights persistent negative sentiment, it also signals a need for action. We have a unique opportunity to reset industry expectations through a new partnership between explorers and regulators. This deep dive into sentiment issues can uncover underlying systemic problems and reshape the relationship between industry and government.
Despite challenges, there is much ground for optimism in exploration fundamentals. The Queensland Critical Mineral Strategy, launched at the World Mining Congress, signifies a bold vision for the future. It allocates unprecedented funding to develop Queensland's critical minerals potential and offers explorers a five-year rent holiday, among other benefits.
Optimism amid challenges
The Scorecard presents a nuanced view of exploration in Queensland for the past year. While sentiment results are perplexing in some areas, the data shows a positive outlook towards exploration spending, especially in minerals and coal. Queensland's exploration landscape is evolving, with a shift towards mineral
Drilling companies anticipate steady activity levels, and the sector looks poised for growth. However, the Scorecard suggests that addressing industry sentiment is paramount. It's time for explorers, government, and policymakers to come together and chart a course for a positive and collaborative future.
A rich landscape of opportunities
Queensland's resource prospectivity is a primary driver for exploration endeavours. The state's abundant prospects in base and precious metals, coal, and gas present a diverse canvas for exploration.
The critical minerals sector, buoyed by global shifts towards renewable energy technologies, offers substantial opportunities for diversification and growth.
With its significant investments and initiatives, the Queensland Government's Critical Minerals Strategy solidifies Queensland's role in the critical minerals sector. It aligns with global trends and positions the state as a hub for critical minerals exploration. The exploration sector's optimism remains unwavering, supported by the transformative projects and initiatives shaping Queensland's resource landscape.
As we journey forward, the exploration sector must embrace innovation without losing sight of expertise. The Scorecard, coupled with the Critical Minerals Strategy and global demand for critical minerals, signals a future of progress and prosperity.
Queensland's resource-rich landscape, coupled with the industry's resilience, promises extraordinary opportunities in an energy and commodity-hungry low-emissions world.
The Queensland Exploration Scorecard 2023 serves as a call to action. It urges stakeholders to collaborate, address sentiment issues, and ensure a positive and competitive policy environment. With faith in the sector's potential and a commitment to collaboration, we can steer Queensland's exploration industry towards extraordinary opportunities and a sustainable, low-emissions future. Let us unite in the pursuit of a thriving exploration sector in Queensland, where challenges become stepping stones to success.
Exploration beyond boundaries: QEC's vision for 2024
In our relentless pursuit of advancing Queensland's exploration sector, the QEC is excited to unveil several transformative initiatives poised to shape the industry's future.
One significant milestone on this journey was the recent launch of the ESG Toolbox for Explorers. Developed by a dedicated working group of members over 18 months, this toolbox equips small to mid-cap explorers with essential resources to navigate the evolving landscape of environmental, social, and governance (ESG) expectations.
ESG Toolbox for Explorers (Launched in March 2023)
The toolbox includes:
Current Standards and Frameworks: An insightful overview of the prevailing standards and frameworks commonly referenced in the industry.
ESG Factsheet: A comprehensive guide outlining what ESG entails and why it's crucial for explorers to report on these metrics.
Voluntary Guidance Framework: A userfriendly, voluntary exploration-focused framework designed to assist explorers in implementing specific ESG practices and measures.
These resources are freely accessible to the entire resources exploration community, underscoring QEC's commitment to fostering collaboration and knowledge-sharing. Explorers can now access these materials via the newly launched QE-Connect website.
QE-Connect: A hub for exploration excellence
In August 2023, QEC took a giant leap forward with the launch of QE-Connect, a cutting-edge exploration industry promotion website. This digital platform serves as a hub for industry stakeholders, providing a centralised space for information, collaboration, and resource access.
QEC Pitch-Ready Program
Looking ahead to 2024, QEC is excited to announce the upcoming launch of the QEC Pitch-Ready Program. This initiative aims to empower exploration companies, particularly small and mid-cap entities, by providing them with the tools, guidance, and support needed to present their projects effectively to potential investors.
The QEC Pitch-Ready Program reflects our dedication to nurturing Queensland's dynamic and investor-friendly exploration ecosystem. Stay tuned for more details as we gear up to roll out this impactful program in the coming year.
QE-Connect: A hub for exploration excellence
In August 2023, QEC took a giant leap forward with the launch of QE-Connect, a cutting-edge exploration industry promotion website. This digital platform serves as a hub for industry stakeholders, providing a centralised space for information, collaboration, and resource access.
Using QE-Connect, explorers, policymakers, and industry enthusiasts can seamlessly connect and stay abreast of the latest developments in Queensland's exploration sector. The website reinforces our commitment to transparency and collaboration and promotes Queensland as a premier destination for exploration.
As we navigate the challenges and opportunities outlined in the Exploration Scorecard, these initiatives underscore QEC's proactive approach to addressing industry needs. From ESG guidance to project pitching support and a digital hub for industry collaboration, QEC is paving the way for a resilient and innovative exploration landscape in Queensland while supporting explorers on their pathway to production.
Join us in this exciting journey as we continue to shape the future of exploration in the Sunshine State.
